Reliance Says It Intends To Complete Future Group Deal "Without Any Delay"

Late on Sunday, Reliance Industries Limited (RIL) issued a statement with regard to the arbitration proceedings initiated by Amazon.

It said that its subsidiary Reliance Retail has entered into the said agreement to buy retail, wholesale and logistics businesses of the Future Group "under proper legal advice and the rights and obligations are fully enforceable under Indian Law" and would go ahead with the agreement "without any delay".

"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," the statement said.

"RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay," it concluded.

In August, Reliance Industries Limited (RIL) had announced that its subsidiary Reliance Retail Ventures Limited has acquired the retail, wholesale and logistics businesses of the Future Group for Rs 24,713 crore.

Amazon, which holds about 5% stake in Future Retail, said that as its contract with the Future Group, the latter was restricted to sell off or transfer its assets to the third party without the former's consent.

An arbitration petition was filed on the same by Amazon with the Singapore International Arbitration Centre.