US multinational tech giant Amazon has reportedly demanded a whooping $40 million to forego its “right of first refusal” to buy Future Group’s assets in Future Retail.
Further, a verbal offer asking for “$40 million as compensation in exchange for the Future Group and Reliance proceeding with the disputed transaction” was made.
Both Amazon and the Future Group are currently locked in a bitter legal battle over the latter’s Rs 24,713-crore proposed deal with RIL announced in August.
Back in 2019, Amazon had bought 49% stake in Future Coupons, an unlisted company of the Future Group to buy into flagship Future Retail after a period of three-to-five years.
However, in October, Amazon pleaded that the deal be cancelled as it had the right of first refusal.
Future Group had announced the sale of its retail, logistics and warehousing assets to Reliance Retail, the retail arm of the Mukesh Ambani-led conglomerate.
Moreover, Future Group had claimed that the e-tailer was kept in the know about the progress of the deal between (RIL) and the Future Group.
According to SIAC, its interim award against the proposed RIL-Future deal, which it granted to Amazon was not apprised of the finer details of the RIL-Future arrangement.
Regarding the viability of the emergency arbitrator’s award in India, both the companies are currently battling it out in the Delhi high court.
Amazon moved to Supreme Court last week to challenge the Delhi high court’s decision to lift a “status quo” order on the deal.
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