Reliance Retail to complete Future Retail deal despite interim order

Even as the Emergency Arbitrator has passed an interim order in the arbitration proceedings invoked by Amazon under a shareholders’ agreement with the promoters of Future group, Reliance Retail Ventures Limited (RRVL) has affirmed that it intends to complete the transaction under terms of the scheme and agreement with Future Group without any delay.

As is known, Future Group has struck a deal to sell its retail business to Reliance Industries for Rs 24,713 crore. Amazon is seeking to stop this deal, which will give Reliance Industries overall dominance of India’s retail industry – both offline and online.

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The interim order, given by a Singapore-based single-judge arbitration court, asks Future Group to put the deal on hold.

In a statement issued, RRVL stated that it “is informed of an interim order passed by the Emergency Arbitrator in the arbitration proceedings invoked by Amazon under a shareholders’ agreement with the promoters of Future group”.

It further said, “RRVL has entered into the transaction for acquisition of assets and business of Future Retail Limited under proper legal advice and the rights and obligations are fully enforceable under Indian Law.”

“RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future Group without any delay,” the statement added.