The Supreme Court of India has ruled in favor of Amazon’s efforts to stop its competitor Reliance from buying Future Retail, a cash-strapped local retailer.
Amazon’s former CEO Bezos tried to stop the deal since it was announced last year. In October, Singapore International Arbitration Centre (SIAC) had ordered a temporary halt on the $3.4 billion deal.
While Amazon welcomed the verdict, it’s a significant setback for Reliance, the massive conglomerate owned by Mukesh Ambani. He has been battling with Amazon over access to more of India’s online shopping industry.
However, the cash cow of Indian corporation Future Group and the supermarket chain Big Bazaar and other brands were supposed to help Ambani gain a more significant foothold in the market.
Amazon and Walmart’s Flipkart dominate India’s e-commerce sector. Ambani’s venture of JioMart was expected to branch out into everything from electronics and apparel to pharmaceuticals and healthcare.
