Future Group Deal: Biyani said that he will sell his business within two months after SEBI’s decision

Retail-Future-Group-Deal

Although Amazon is suing Reliance Retail for buying Future Retail, the futures group expects ending the sale process of Future Group within two months after the approval of the stock market regulator SEBI. Arbitration proceedings on the deal are set to begin in late January.

On Tuesday, Kishore Biyani, head of the Future Group, said the lawsuit and business sale process would run in parallel. Because, the issue of selling business to Reliance and the issue of Amazon’s shares in Future Group are not related to each other. Amazon shares only in futures coupons and gift business.

Biyani further claims that Amazon knew about the deal with Mukesh Ambani’s company. He complained that although he was an investor, he did not receive any help from the US e-commerce company while operating under lockdown. Amazon has previously denied the allegations.

Amazon has won a lawsuit in a Singapore arbitration court over the sale of some futures businesses to Mukesh Ambani’s Reliance for Rs 24,713 crore. The Delhi High Court has also upheld Amazon’s claim. But it has asked various regulators to take independent decisions on the acquisition.

Today, the futures chief claims that they will walk the path of ending the sale process only after getting the approval of various regulators. In that case, Biyani indicate, Amazon may eventually be offered a peaceful way to end its the Future Coupon partnership.