Reliance Retail Ventures Limited, a subsidiary company of the Mukesh Ambani-owned Reliance Industries Limited, has said it intended to enforce its rights and complete the transaction in terms of the scheme and agreement with Future Group without delay.
RRVL was responding to an interim order passed by the Emergency Arbitrator in the arbitration proceedings invoked by Amazon under a shareholders’ agreement with the promoters of Future Group.
The statement issued by RRVL said, “RRVL has entered into the transaction for acquisition of assets and business of Future Retail Limited under proper legal advice and the rights and obligations are fully enforceable under Indian Law. RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future Group without any delay.”
On Sunday, Amazon had won an interim order against Future Group selling its retail business to Reliance Industries Ltd for Rs. 24,713 crore. Amazon had agreed to buy 49 percent of one of Future’s unlisted firms last year with the right to buy into the flagship Future Retail business after a period of three to ten years.
Amazon had pulled the Future Group into arbitration after the debt-laden company entered into an agreement to sell its retail, wholesale, logistics, and warehousing units to Reliance Retail.