India's Future Group shares fall after Amazon tries to block deal with Reliance

Future Consumer

27/01/2021 04:22

** Shares of Future Group companies  FRTL.NS   FTRE.NS 
 FURE.NS  fall between 4% and 5%
    ** Amazon.com Inc  AMZN.O  has requested an Indian court to
block Future Group's $3.4 bln deal to sell its retail assets to
Reliance Industries  RELI.NS   urn:newsml:reuters.com:*:nL1N2K00QV
    ** Amazon asked the High Court in New Delhi to enforce the
decision of a Singapore arbitrator
    ** In October, the arbitrator issued an interim order saying
Future's deal with Reliance should be put on hold  urn:newsml:reuters.com:*:nL1N2HG0R2
    ** Amazon argues that a 2019 deal it had with a Future unit
had clauses saying the Indian group couldn't sell its retail
assets to anyone on a "restricted persons" list including
Reliance
    ** Billionaire Mukesh Ambani's Reliance in August 2020
decided to buy retail, wholesale and some other businesses of
Future Group  urn:newsml:reuters.com:*:nL4N2FV067
    ** Last week Indian stock exchanges approved the
Reliance-Future deal  urn:newsml:reuters.com:*:nL4N2JW1ES
    ** Reliance shares fell 2.2%, were the major drag on the 
blue-chip index, pulling down the Nifty 50 index  .NSEI  by 0.6%
    ** RELI shares gained 32.4% in 2020

 (Reporting by Nallur Sethuraman in Bengaluru)
 ((Sethuraman.NR@thomsonreuters.com; (+91 8061822737); Reuters
Messaging: nallur.sethuraman.thomsonreuters.com@reuters.net))