Shares in Future Group companies jumped nearly 10% on Tuesday after an Indian court overturned an order that had stalled Future Group’s $3.4 billion deal to sell its retail assets to conglomerate Reliance Industries Ltd.
An Indian court on Monday overturned an order that had stalled Future Group’s $3.4 billion deal to sell its retail assets, sources said, in a setback for Future’s partner Amazon.com Inc, which has challenged the sale.
Amazon's bid to stall Future Group's $3.4 billion retail assets sale is similar to Alexander the Great's "ruthless ambition to scorch the earth", the Indian group's CEO Kishore Biyani said in an internal staff memo.
E-commerce giant Amazon has registered another case at the Delhi High Court in its bid to prevent the Reliance-Future Group deal and has asked for Future Group’s promoter Kishore Biyani to be detained in a civil prison.
Future Group expects swift regulatory approval of its $3.4 billion deal to sell its retail assets, its chief executive said, even as its warring business partner Amazon.com Inc intensifies efforts to block the deal.