{"id":316808,"date":"2021-08-06T12:47:25","date_gmt":"2021-08-06T09:47:25","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/big-win-for-amazon-in-battle-with-indian-conglomerate\/"},"modified":"2021-08-06T12:47:25","modified_gmt":"2021-08-06T09:47:25","slug":"big-win-for-amazon-in-battle-with-indian-conglomerate","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/big-win-for-amazon-in-battle-with-indian-conglomerate\/","title":{"rendered":"#Big win for Amazon in battle with Indian conglomerate"},"content":{"rendered":"

“#Big win for Amazon in battle with Indian conglomerate<\/strong>”<\/p>\n

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\n Amazon has pledged $6.5 billion in investment in India.
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US e-commerce giant Amazon won a major legal victory in India on Friday as the country’s top court blocked a $3.4-billion deal struck by domestic rival Reliance.<\/p>\n

Amazon, Walmart-backed Flipkart and Reliance, owned by Asia’s richest man Mukesh Ambani, are locked in a titanic battle to dominate online retail in the country of 1.3 billion people.<\/p>\n

Reliance struck a deal last year to buy assets belonging to Future Retail, India’s second-largest supermarket chain, owned by Future Group.<\/p>\n

The acquisition of Future Group, which owns some of India’s best-known supermarket brands, such as Big Bazaar, would have strengthened Reliance’s presence in the hugely competitive e-commerce sector.<\/p>\n

Amazon, which owned a stake in one of Future Group’s firms that reportedly included an option to buy into the flagship company, claimed that the Reliance deal amounted to a breach of contract.<\/p>\n

The US online titan last year app<\/a>roached the Singapore International Arbitration Centre which put the Reliance deal on hold after finding merit in Amazon’s objections. <\/p>\n

Amazon said the arbitrator’s order was binding, while Future contested its legality. On Friday the Supreme Court ruled that the order was valid.<\/p>\n

There was no immedia<\/a>te comment from Reliance or Amazon. <\/p>\n

Amazon, owned by the world’s richest man Jeff Bezos, has pledged $6.5 billion in investment in India, according to Bloomberg News<\/a>.<\/p>\n

Flipkart, which Walmart bought a majority stake in for $16 billion in 2018, recently garnered $3.6 billion in the country’s largest fund raise at a valuation of nearly $38 billion, Bloomberg said.<\/p>\n

Future Group founder Kishore Biyani was once known as India’s retail king, but he has struggled in recent years as the coronavirus pandemic dealt a heavy blow to his empire.<\/p>\n

Reliance’s shares fell more than two percent in Mumbai.\n <\/p>\n\n

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Eyeing Amazon, Reliance buys Indian online pharmacy stake\n <\/p><\/div>\n

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\n \u00a9 2021 AFP<\/p>\n

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Citation<\/strong>:
\n Big win for Amazon in battle with Indian conglomerate (2021, August 6)
\n retrieved 6 August 2021
\n from https:\/\/techxplore.com\/news\/2021-08-big-amazon-indian-conglomerate.html<\/p>\n

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