Future awaits Singapore arbitration verdict; Amazon says not settling

Even as the Future Group awaits the final order of Singapore International Arbitration Centre, American e-commerce giant Amazon said there are no settlement talks currently going on with the Future Group.

“We have consistently offered to assist Future Retail during the economic downturn caused by Covid and reiterated our openness for a dialogue even during the Delhi High Court hearings and this should not to be misconstrued as an offer for settlement,” said an Amazon spokesperson on Tuesday.

Both Future Group and Amazon have been litigating for a year after Future Group signed a deal to sell its entire businesses to Reliance Retail. Amazon, which held 49 per cent stake in a holding company of Future Retail alongwith Future group founder Kishore Biyani said Reliance deal is a breach of its non-compete agreement with Future and moved the arbitration court.

After the Singapore International Arbitration Centre restrained the transaction, Future Group moved Delhi High court. The matter is currently pending with the Supreme Court.

A source at Future group said it is awaiting the final verdict from Singapore arbitrator and once the verdict is out, they will decide on the next course of action.