India’s Future Retail filed a new case against Amazon.com Inc at the Supreme Court as it seeks clearance for its $3.4bn sale to Reliance Industries. Future’s deal with Reliance Industries was put on hold as the Supreme Court declared this month an interim decision by Singapore arbitrator in October 2020 as valid following Amazon’s complaints. The dispute began in 2020 after Future closed a deal to sell its retail business to Reliance. Whilst the top court had said that Future could not appeal a lower court’s decision against it, the retailer argues in an over 6000-page filing that an unsuccessful Reliance deal would cause “unimaginable” damages, including possible job losses for 35,575 employees and risking around $3.81bn in bank loans and debentures.”
Future Retail’s bonds were slightly down with its 5.6% 2025s down 0.25 to 58.25, yielding 24.36%.
For the full story, click here