New Delhi: Amazon won an interim award against its partner Future group selling retail business to Reliance Industries Ltd for Rs 24,713 crore after a Singapore-based single judge arbitration panel put the deal on hold.
Amazon had dragged Future to arbitration after the Kishore Biyani group firm had agreed to sell businesses to billionaire Mukesh Ambani’s Reliance.
Passing an interim award in favour of Amazon, V K Rajah – the sole arbitrator in the Amazon vs Future vs Reliance arbitration matter – has asked the Future group to put the deal on hold and said that the deal cannot go through until it finally decides the matter.
Confirming the development, an Amazon spokesperson said that the arbitration panel has granted the reliefs sought by it and expect an expeditious conclusion of the arbitration process.
We welcome the award of the Emergency Arbitrator. We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process, said Amazon spokesperson.