Top India court halt’s tycoon Mukesh Ambani’s retail deal: Report

The verdict is a win for Amazon which says Future Group’s sale to Ambani’s Reliance Industries violates its contract.

India’s Supreme Court has barred a final ruling by a tribunal reviewing Future Group’s $3.4bn sale of retail assets until the top court hears objections from aggrieved partner Amazon.com Inc, the Reuters news agency reported citing three unidentified sources. US retail giant Amazon had appealed to the Supreme Court this month against Future Group’s proposed sale to Indian market leader Reliance Industries, accusing its partner of violating contracts by agreeing to the sale. The outcome of the tussle involving two of the world’s richest men, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, could reshape India’s pandemic-hit shopping sector and decide if Amazon can blunt Reliance’s dominance of retail.