Reliance Retail To Enforce Rights To Complete Future Group Deal

Reliance Retail Ventures has said that it would enforce its rights and complete the future group deal.

Reliance Retail Ventures Limited (RRVL) 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. 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 company said in a release.

According to PTI reports Amazon.com Inc on Sunday won an interim award against its partner Future Group selling retail business to Reliance Industries Ltd fo Rs 24,713 crore after a Singapore-based single-judge arbitration panel put the deal on hold.

Amazon, which had agreed to purchase 49 per cent of one of Future's unlisted firms last year with the right to buy into flagship Future Retail Ltd after a period of three years to 10 years, 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.