Relief for Amazon as HC stays USD 3.4 billion Reliance Industries-Future Retail deal

BENGALURU: In a relief to US e-commerce giant Amazon, the Delhi High Court on Tuesday asked the Future Group not to proceed with its Rs 24,713 crore deal with Reliance Industries until an interim order is pronounced.

While ordering status quo, the HC said Emergency Award was enforceable under Section 17 (2) of the Arbitration Act.

Amazon had filed a plea before the Delhi High Court seeking enforceability of the Singapore emergency arbitration award, which had asked Future Retail Ltd (FRL) not to proceed with the sale of its warehousing, logistics, and retail business to RIL.