Reliance Retail, Future Group's Rs.24,000 crore deal cleared by market regulator SEBI

The Securities and Exchange Board of India (SEBI) granted approval to the deal between Kishore Biyani led Future Group and Reliance Retail, an arm of the Reliance Industries Limited (RIL) . In August 2020. Kishore Biyani had entered into a Rs.24,713 crore agreement with Reliance Retail. As part of the pact, Future Group was to sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail Ventures Limited (RRVL).

Amazon has written to SEBI a number of times over the past three months, asking the regulatory body to stall the Future-Reliance deal. The company has accused Future Group of violating a pact signed by it by entering into a deal with Reliance Retail.

On 21^st December 2020, Amazon Inc. had also filed a plea before the Delhi High Court, seeking a stay on the Future-Reliance deal. SEBI, while referring to the complaints registered by Amazon and the plea filed in Delhi HC, has asked the entities involved in the amalgamation to keep their shareholders informed about the legal dispute.

Source: Economic Times