Since then, the story has been playing out in Singapore and Indian courts, and the outcome may shape India’s retail landscape for years to come. It was bitterly contested by global e-commerce major Amazon claiming its rights through an indirect stake in Future Retail by virtue of its Rs 1,500 crore acquisition of 49 per cent stake in Future Coupons, a promoter group entity of Future Retail. Amazon had dragged Future Retail to arbitration at the Singapore International Arbitration Centre (SIAC), which on October 25, passed an interim award in favour of the e-commerce giant and barred Future Retail from taking any step to sell or encumber its assets or issue any securities to secure any funding from a restricted party. In October, Amazon wrote to Sebi and stock exchanges, urging them to take into consideration the interim judgement while reviewing the proposed transaction, a move challenged by Future Retail before Delhi High Court in November. Other deals of the year include Walmart-owned online retailer Flipkart picking up 7.8 per cent stake in Aditya Birla Fashion and Retail Ltd. Flipkart Group had acquired 100 per cent stake in Walmart India.

Source: Indian Express December 29, 2020 10:54 UTC