Reliance Retail Ventures Limited (RRVL) has announced that it will complete the transaction in terms of the scheme and agreement with Future group without any delay.
RRVL was responding to 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.
Amazon had agreed to purchase 49 per cent of one of Future’s unlisted firms last year with the right to buy into flagship Future Retail business after a period of three years to 10 years. The company dragged the Future Group to arbitration after the indebted company signed a pact to sell its retail, wholesale, logistics and warehousing units to Reliance Retail, which is owned by Mukesh Ambani.
“RRVL has entered into the transaction for the acquisition of assets and business of Future Retail Limited under proper legal advice and the rights and obligations are fully enforceable under Indian Law,” Reliance Retail said in a statement.
“RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay,” it added.
On Sunday, Amazon had won an interim order against Future Group selling its retail business to Reliance Industries Ltd for Rs 24,713.