Markets regulator SEBI has approved Reliance Industries’ $3.4 billion acquisition of Future Group’s retail, wholesale, logistics and warehousing assets despite Amazon’s objections. However, SEBI advised that Future Group should share details of its ongoing litigation with Amazon while seeking approval from NCLT. Amazon alleged the deal breached its 2019 contract with Future Group promoters.
“We hereby advise that we have no adverse observations with limited reference to those matters having a bearing on listing/de-listing/continuous listing requirements within the provisions of Listing Agreement, so as to enable the company to file the scheme with Hon’ble NCLT [National Company Law Tribunal],” the notification read.
Amazon bought 49% stake in one of Future’s unlisted firms in 2019 in a deal that was valued at over $100 million. As part of the deal, Future could not have sold assets to rivals, Amazon has said in court filings.