Amazon Wins Court Battle Against India's Richest Man, Stalling Future Group's Sale To Reliance: Report

The Indian Supreme Court ruled on Amazon.com Inc AMZN favor to stall the sale of Future Group to Reliance Industries, TechCrunch reports. Reliance Industries is majorly owned by India’s richest man, Mukesh Ambani.
In 2020, Indian retail chain Reliance Retail agreed to acquire Future Group’s retail, wholesaler, logistics, and warehousing businesses, for $3.4 billion.
Amazon owns a stake in an unlisted Future unit and has argued that it contractually has the first right of refusal to buy Future, Bloomberg reports.
Amazon approached the Singapore arbitrator to halt the deal for alleged violation of the contract. Singapore’s court order wasn’t valid in the South Asian market, argued, Future and Reliance.
India’s antitrust watchdog, Competition Commission, had approved the deal between the Indian firms in 2020.
Price action: AMZN shares traded lower by 1.17% at $3,336.64 on the last check Friday.