NEW DELHI (Reuters) – India Futures Group expects to get quick management approval of their $ 3.4 billion contract to sell its retail assets, its chief said, even as its war partner business Amazon.com Inc. strengthens efforts to block the deal.
Future and Amazon are at loggerheads over an Indian group’s August contract with Reliance Industries Ltd. The US giant claims to have broken some of its previous contracts with Future.
A court in New Delhi in December rejected Future’s request to suspend Amazon’s regular attempts to force authorities to suspend the deal. But the judge dismissed the matter with the governors.
“The court has already given their view that all institutions can comment” on the show, Future Group founder and CEO Kishore Biyani told Reuters in an interview. “So there is no reason to delay.”
Amazon declined to comment on Biyani’s comments. Trust did not respond to a request for comment.
The Security and Exchange Board of India (SEBI), the market regulator that has been reviewing the contract for months, has not responded to a request for comment.
SEBI and Indian stock exchanges may still refuse or take more time in approving the contract, which is crucial for the future survival of a diseased Retail COVID-19 distributed over 1,700 sales.
Retail Futures has warned that closing the deal could lead to the company’s liquidation and job losses for more than 29,000 employees.
“We have put some businesses back on track, but there are challenges,” said Biyani, known as India’s sales king for transforming the country’s sales in recent decades.
AMAZON PROJECT
The outcome of the controversy involving Future, Reliance and Amazon is seen shaping India’s retail landscape, particularly in deciding who has a high hand. the grocery market is expected to be worth around $ 740 billion a year by 2024.
Following Amazon’s 2019 contract with Futures Unit, Indian retailer’s groceries and fashion products are being offered for sale on Amazon’s website, while Futures stores also act as local stores that are serving the giant U.S. food supply chain.
Biyani said he had no intention of changing his business ties with Amazon despite the bitter relationship. Criticizing Amazon, however, Biyani said he was upset about what Amazon wanted to achieve by suspending its deal.
“I’m ashamed,” he said. “What do they want? They want so many workers to suffer, business going down? ”
Amazon also handed Future to a Singapore arbitrator, who issued an interim order in October saying the Reliance contract should be suspended. While Future says an order is not binding, the U.S. e-commerce giant is continuing its efforts to block the agreement.
In a letter on Tuesday, Amazon called on Indian stock exchanges BSE and NSE to suspend their review of the deal due to Singapore’s ongoing settlement.
In support of his case, Amazon shared on December 30, with the 63-page secret legal opinion exchanges signed by a former Indian chief justice, Dipak Misra. In the comment, seen by Reuters, Misra said neither SEBI nor any other legislative authority can neglect the interim order submitted by the arbitrator.
Misra and the NSE did not immediately respond to emails seeking comment. BSE declined to comment.
Reporting by Aditya Kalra in New Delhi; Additional statement by Abhirup Roy in Mumbai; Edited by William Mallard