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MarketScreener Homepage  >  Equities  >  NSE India Stock Exchange  >  Future Retail Limited    FRETAIL   INE752P01024

FUTURE RETAIL LIMITED

(FRETAIL)
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India's Future Retail says examining order against Reliance deal

10/25/2020 | 04:59pm EST

BENGALURU, Oct 26 (Reuters) - Future Retail said on Monday it was examining an order by an arbitration panel to put on hold its $3.38 billion asset sale to Reliance Industries , and would take steps in enforcement proceedings to close the deal without delay.

Shares in Future Retail were down 3.2% by 0630 GMT, while Reliance's stock fell 2.4%, weighing on the broader Mumbai market.

Amazon.com Inc received an emergency order from a Singapore arbitration panel to halt the two Indian companies from proceeding with the deal until an arbitration tribunal is formed, a source with direct knowledge of the matter told Reuters.

Amazon, which has alleged the deal breached existing agreements, last year bought a 49% stake in Future Coupons Ltd, which owns a 7.3% stake in Future Retail.

The investment came with contractual rights that include a right of first refusal and a non-compete-like pact, media had reported, and Amazon later started arbitration proceedings.

In a statement to Indian stock exchanges on Monday, Future Retail said it was not party to the agreement under which Amazon had invoked arbitration proceedings.

All relevant agreements were governed by Indian law and the matter "raises several fundamental jurisdictional issues," Future said.

Billionaire Mukesh Ambani's Reliance in August decided to buy retail, wholesale and some other businesses of Future Group in a deal valued at $3.38 billion, including debt.

Reliance Retail intends to complete the deal with Future Group without any delay, it said in a statement on Sunday. "The rights and obligations (under the deal) are fully enforceable under Indian Law," Reliance Retail added.

Two sources familiar with the matter said the temporary injunction was not automatically enforceable in India and that the order would have to be ratified by an Indian court.

In a statement, Amazon said: "We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process." (Reporting by Aditya Kalra and Euan Rocha; Writing by Ann Maria Shibu in Bengaluru; Additional reporting by Sachin Ravikumar and Vishal Vivek in Bengaluru; Editing by Nick Macfie, Peter Cooney and Sriraj Kalluvila)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 0.32% 3195.34 Delayed Quote.72.92%
FUTURE CONSUMER LIMITED -4.94% 8.66 End-of-day quote.-61.51%
FUTURE ENTERPRISES LIMITED -4.95% 10.94 End-of-day quote.-49.70%
FUTURE RETAIL LIMITED -4.95% 82.65 Delayed Quote.-75.82%
RELIANCE INDUSTRIES LTD -1.17% 1929.8 Delayed Quote.28.67%
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Financials
Sales 2020 205 B 2 766 M 2 766 M
Net income 2020 5 300 M 71,7 M 71,7 M
Net Debt 2020 71 498 M 967 M 967 M
P/E ratio 2020 7,72x
Yield 2020 -
Capitalization 44 820 M 605 M 606 M
EV / Sales 2020 0,57x
EV / Sales 2021 -
Nbr of Employees -
Free-Float 47,0%
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Last Close Price 82,65 
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Managers
NameTitle
Kishore Laxminarayan Biyani Chairman & Joint Managing Director
Rakesh Gopikishan Biyani Joint Managing Director & Executive Director
Rajesh Seth Chief Operating Officer
Chandra Prakash Toshniwal Chief Financial Officer
Behram Kabrajee Head-Sourcing, Quality Assurance & Technical
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