Through a statement Reliance Retail has revealed that it 'intends to enforce its rights' and complete its Rs 24,713 crore acquisition of Future Group without any delay.
This comes after Amazon.com had received an interim win after it made allegations that the deal breached existing agreements. Amazon had agreed to buy 49% of one of Future Group's firms last year with the right to buy into flagship Future Retail.
Reliance's statement added:
Reliance Retail Ventures 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.
RRVL has entered into the transaction for acquisition of assets and business of Future Retail under proper legal advice and the rights and obligations are fully enforceable under
Indian Law.
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