The US-based retail firm Amazon has moved the Delhi High Court to block the deal between Future Group and Reliance Industries. Amazon has given this petition after market regulator SEBI and domestic stock markets approved the deal.
In the petition, Amazon said that the Singapore International Arbitration Center (SIAC) interim order is also effective under Indian law. SIAC's interim stay on the deal was until 23 January. Amazon says that this order automatically becomes effective till the next decision due to no application from any party.
In August 2019, Amazon bought a 49 percent stake in Future Group's Future Coupons Limited. Future Coupons holds a 7.3 percent stake in Future Retail. In August 2020, Future Group sealed a deal to sell Mukesh Ambani's Reliance Industries for Rs 24,713 crore. Amazon has opposed the deal based on its stake in Future Coupons and the terms of the deal.