India court says arbitration order stopping Future’s $3.4 billion retail deal valid

NEW DELHI (Reuters) – India’s top court on Friday ruled that Future Retail’s $3.4 billion deal to sell its retail assets was bound by an arbitrator’s order that put the transaction on hold, in a big boost to partner Amazon which had sought to block the deal.

Amazon and Future had been locked in legal battles over the deal, with the U.S. firm accusing the Indian group of violating pre-existing contracts when it sold its assets to rival Reliance Industries. Future has denied any wrongdoing.

The Supreme Court said that an order by a Singapore arbitrator in October – that put the deal on hold after finding merit in Amazon’s objections – was valid.

Amazon had argued that the order is binding, while Future had argued it was not.

(Reporting by Abhirup Roy and Aditya Kalra; Editing by Sanjeev Miglani)


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