Amazon Gets Court To Block $3.3 Billion Retail Deal Involving India’s Richest Man
Amazon has been handed a major legal victory in its fight to block a multibillion-dollar deal between two of India’s biggest retailers.
A court in the country’s capital, New Delhi, ruled on Tuesday that an agreement by Reliance Industries to purchase local rival Future Retail for $3.3 billion should be put on hold after Amazon (AMZN) objected to it last year. The Delhi High Court said it was “satisfied that immediate orders are necessary to protect the rights of [Amazon]” and ordered all parties involved in the deal to “maintain status quo” pending its final judgment.
“We have utmost respect for the Indian legal system and appreciate the interim order of the … Delhi High Court,” an Amazon spokesperson told CNN Business.
Future Retail said in a statement that it would “explore all legal remedies and take appropriate steps to pursue” its deal with Reliance. The company could potentially challenge any judgment in a higher court.
-CNN