RIL says will complete Future deal without delay, even as Singapore Arbitrator ruling favours Amazon

Reliance Industries Ltd emphasised its position on the proposed acquisition of the Kishore Biyani’s Future Retail assets, and said that it will complete the transaction at the earliest. RIL’s statement came shortly after an emergency arbitrator in Singapore ruled in favour of Amazon, and put the RIL-Future deal on hold. “RRVL (Reliance Retail Ventures Ltd) intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay,” RIL said in a statement late last night.

The Singapore International Arbitration Centre (SIAC) has put the deal of Future group selling retail business to Mukesh Ambani’s RIL for Rs 24,713 crore, on hold. RRVL on Sunday was 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, the company said in a press release. “RRVL has entered into the transaction for the acquisition of assets and business of Future Retail Limited under proper legal advice and the rights and obligations are fully enforceable under Indian Law,” RIL said in a press release.