Reliance Retail Ventures Ltd (RRVL), the retail arm of India’s richest man Mukesh Ambani’s Reliance Industries Ltd on Sunday evening said that it intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay, the company said in a statement.
The statement comes after US retail giant Amazon on Sunday secured a major relief against the proposed ₹24,713-crore combination of Reliance Retail Ventures Ltd and Future Group’s retail and wholesale business when a Singapore arbitration panel ruled that the two parties could not go ahead with the transaction for the time being. The Jeff Bezos-led company had claimed that Reliance-Future deal violated a non-compete clause it had with the Kishore Biyani Group. The two parties had then agreed to go for arbitration.
“RRVL is 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 statement said.
RRVL has entered into the transaction for acquisition of assets and business of Future Retail Ltd under proper legal advice and the rights and obligations are fully enforceable under Indian Law, the statement added.
