On Saturday, India’s Future Retail Company filed a new lawsuit against Amazon in the Supreme Court. This is its latest effort to seek approval for the sale of its $3.4 billion retail assets. The American company questioned this.
The Supreme Court said this month that an interim decision made by Singaporean arbitrators in October 2020 to suspend transactions with Reliance Industries-after Amazon filed a complaint-was effective in India, which dealt a blow to Future.
In its more than 6,000-page document, Future argued that if the deal with Reliance fails, it will cause “unimaginable” damage to the group, including the potential to cause 35,575 employees to lose their jobs and put approximately rupee at risk. 28,002 crore (3.81 billion US dollars) of bank loans and bonds.
“It is very urgent to hear this petition,” the future lawyer Yugandhara Pawar Jha said in an undisclosed Supreme Court document. Reuters has seen the document.
Spokespersons for Amazon and Future did not respond to requests for comment on Saturday.
Amazon has been arguing with Future for months and accused the Indian company of breaching its contract when it sold its retail assets to market leader Reliance last year. Denied any wrongdoing in the future.
The result of the battle between Amazon’s Jeff Bezos and the faithful Mukesh Ambani, the two wealthiest people in the world, is seen as reshaping India’s pandemic shopping industry and deciding whether Amazon It can weaken Reliance’s dominant position in the country’s nearly trillion-dollar retail market.
The dispute began with India’s second largest retailer, Future, with more than 1,700 stores, including the popular Big Bazaar supermarket. After COVID-19 severely hit its business, it reached an agreement last year to sell its retail business to Reliance.
© Thomson Reuters 2021