The objection placed by Amazon.com Inc has stuck Reliance and Future Group deal in mid-air. Now, the Bombay Stock Exchange is in talks with SEBI (Security and Exchange Board of India) for verifying the Future Retail and Reliance Industries deal. The BSE wants to clarify a transaction worth dollars 3.4 billion following Amazon’s objection to the deal.
On October 25, Amazon.com Inc won an injunction from a Singapore arbitrator which halted Future group to sell their retail assets to Reliance. Amazon.com Inc argued that the Indian group was breaking the contract which was signed last year.
Taking the matter forward, Amazon wrote to SEBI as well as the BSE and NSE, to put the deal on hold in light of the arbitration order. The reaction from both of the Indian companies was fierce and they said they want to complete the deal “without any delay.”
A source from the BSE said it will consult SEBI about its stance on the deal and the exchange. They are planning to seek clarification from Future and Reliance Retail later on Friday.
All three parties, SEBI, Amazon, and Future group, declined to respond on the matter.
In August, the Future group decided to sell its retail, wholesale, some other businesses, and debt to Reliance for $3.38 billion.
