US tech giant Amazon has been granted interim relief in a case involving Mukesh Ambani-owned Reliance Group. The Singapore Dispute Tribunal stayed the sale of Rs 24,900 crore worth of shares in Future Group, which is owned by Kishore Biyani.
Amazon has a 49% stake in Future Coupon, an unlisted company of Future Group. Future Coupon owns 7.3% of Future Retail. Amazon went ahead with legal actions since it began selling shares in Future Retail.
Today, Reliance Retail, owned by Mukesh Ambani, is the most influential company in the Indian retail market. But Amazon is ahead in the online market.
Reliance had reached an agreement with Walmart aiming at monopolisation in the retail market. Reliance aims to expand its online network of Jio Mart with the help of Wal-Mart. This poses a serious challenge to Amazon as well.
The acquisition of Future, another leading retail group in India, is expected to give Reliance, a total dominance in the sector. Recognizing this, Amazon went ahead with legal action.