India's Supreme Court has ruled in favour of Amazon.com Inc's attempt. important $1 trillion retail markets. Reading the executive part of the ruling, Justice Rohinton F. Nariman ruled that the Singapore Emergency Arbitration's order terminating the $3.4 billion settlement was enforceable in India.
The ruling is the end of a local chapter of the bitter battle between Amazon founder Jeff Bezos and the second Indian supermarket chain that Mukesh Ambani's Reliance Industries wants to acquire. Two huge properties, owned by two of the world's richest people, are jostling for a larger share of the one billion-plus consumer market that remains open to foreign companies.
Reliance Industries, run by Asia's richest man Mukesh Ambani, and struggling Future Retail will now have to contend with arbitration proceedings in Singapore. The battle highlights a stake in India's burgeoning retail market, where US retailers Amazon and Flipkart are owned by Walmart Inc. are fighting against billionaire local leader Ambani for supremacy. Amazon has committed to invest $6.5 billion in the market while Flipkart recently raised $3.6 billion in the country's biggest fundraiser at a valuation of nearly $38 billion.
The ruling is a setback for Ambani, which owns the country's largest retail chain and is rapidly expanding its e-commerce offerings, but must rely on brick-and-mortar stores for the future. to develop its mark.
Amazon, which owns shares in another unlisted Future unit, has taken a Singapore arbitration court accusing Future Group of violating its partnership agreement by agreeing to sell its wholesale, warehousing, logistics and logistics.