New Delhi: US retail giant Amazon has challenged the Delhi High Court order that stayed the Singapore arbitration proceedings against Future Group in the Supreme Court. In addition, Amazon has also filed an appeal against the Competition Commission of India suspension decision at the National Company Law Appellate Tribunal (NCLAT), news agency Reuters reported citing sources.
The antitrust body CCI last month suspended its approval of Amazon’s 2019 deal with Future, denting the U.S. e-commerce giant’s attempts to block the sale of Future’s retail assets to Indian market leader Reliance Industries.
The filings are the latest in the bitter legal dispute which has embroiled Amazon, Future and Reliance Industries over what is seen as a battle for retail supremacy in India’s booming consumer market.
Reliance, run by billionaire Mukesh Ambani, wants to expand its footprint by acquiring debt-laden Future, but Amazon has told India’s antitrust body it believes Reliance’s consolidated position “will further restrict competition in the Indian retail market”.
Amazon has long argued that Future violated the terms of its 2019 deal in deciding to sell retail assets to Reliance. The U.S. company’s position has so far been backed by the Singapore arbitrator and Indian courts. Future denies any wrongdoing.
But after the CCI suspended that deal’s approval, saying Amazon suppressed information while seeking clearances for the deal, Future has argued Amazon no longer has any legal basis to pursue the dispute.
In 2019, Amazon had entered into a deal worth Rs 1,430 crore with Future. As a part of the deal Amazon had acquired 49 per cent stake in Future Coupons, the promoter firm of Future Retail.