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Amazon will get interim reduction; arbitration panel says Future can not promote biz to RIL

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Amazon will get interim reduction; arbitration panel says Future-Reliance deal on maintain

Amazon on Sunday gained an interim award towards its accomplice Future group promoting retail enterprise to Reliance Industries Ltd for Rs 24,713 crore after a Singapore-based single decide arbitration panel put the deal on maintain.

Amazon had dragged Future to arbitration after the Kishore Biyani group agency had agreed to promote companies to billionaire Mukesh Ambani’s Reliance.

Passing an interim award in favour of Amazon, V Okay Rajah – the only arbitrator within the Amazon vs Future vs Reliance arbitration matter – has requested the Future group to place the deal on maintain and stated that the deal can not undergo till it lastly decides the matter.

Confirming the event, an Amazon spokesperson stated that the arbitration panel has granted the reliefs sought by it and anticipate an expeditious conclusion of the arbitration course of.

“We welcome the award of the Emergency Arbitrator. We are grateful for the order which grants all the reliefs that were sought. We remain committed to an expeditious conclusion of the arbitration process,” stated Amazon spokesperson.

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