NEW DELHI: India’s top court on Friday handed Amazon.com Inc a major victory in a dispute where it sought to block its partner Future Group from selling $3.4 billion in assets to rival Reliance Industries.
The outcome of the tussle involving two of the world’s richest men, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, is seen reshaping India’s pandemic-hit shopping sector and deciding if Amazon can blunt Reliance’s dominance of the country’s nearly trillion-dollar retail market.
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A two-judge bench of the Supreme Court said that an interim decision by a Singapore arbitrator in October - that put the deal on hold after finding merit in Amazon’s objections - was valid and enforceable in India.
Amazon had argued that the order is binding, while Future had argued it was not. Both sides had agreed to use the Singapore arbitrator in case of disputes when Amazon invested $200 million in a unit of Future in 2019. The arbitration proceedings are still ongoing.
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