India's top court halts Future Group-Reliance deal on Amazon plea

India's top court halts Future Group-Reliance deal on Amazon plea

Photo by rawpixel on Unsplash

The Supreme Court has stopped regulatory approval for the Future Group’s $3.4 billion asset sale to Reliance Industries Ltd., effectively halting the deal and marking another victory for Amazon.com Inc., which wants to scuttle the transaction in its bid to dominate the country’s retail sector.

Agreeing with the American e-commerce giant’s petition, the top court on Monday overturned a lower court’s ruling and stopped India’s company tribunal from approving the transaction till further orders.

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief
Subscribe to Newsletter