Future-RIL deal on hold; favourable ruling for Amazon

Amazon Inc has won an interim award against its partner Future Group selling retail business to Reliance Industries after a Singapore-based arbitration panel put the deal on hold.

The e-commerce giant had dragged Future to arbitration after the indebted Kishore Biyani group firm signed pact to sell retail, wholesale, logistics and warehousing units to billionaire Mukesh Ambani's Reliance for ₹24,713 crore.

Amazon had purchased 49% in one of Future's unlisted firms last year with the right to buy into Future Retail Ltd after a period of three years to 10 years. It believes Future Group violated the contract by entering into the deal with rival Reliance.