Court Lifts Hold On Future’s $3.4 Billion Retail Deal In Setback For Amazon: Report

0
33

The Delhi High Court on Monday overturned an order that had stalled Future Group’s $3.4 billion deal to sell its retail assets, two sources said, in a setback for Future’s partner Amazon.com Inc, which has challenged the sale.

The court had last week sided with the US online retailer and put Future’s asset sale to Reliance Industries on hold, leading to an appeal from the Indian retail group.

A two-judge bench hearing Future’s appeal on Monday put on hold the previous ruling, which had effectively stalled the mega retail deal, two sources familiar with the proceedings said.

Future in its appeal had said its creditors would be at “significant risk” if the Reliance deal failed.

A detailed written order has yet to be made public.

READ  Infosys plans to hire 12000 more American employees by 2022