Why are two of the world’s wealthiest men at loggerheads over an Indian retail company?

Niharika Sharma
·2-min read
Why are two of the world’s wealthiest men at loggerheads over an Indian retail company?
Why are two of the world’s wealthiest men at loggerheads over an Indian retail company?

A day after Amazon obtained an emergency order from the Singapore International Arbitration Centre (SIAC) restraining Future Group from going ahead with its deal to sell its retail business to Reliance Retail Ventures, the two Indian companies have said that they are on course to execute the deal. On Oct. 25, Reliance Retail, owned by India’s richest man Mukesh Ambani, said that it has entered the deal to acquire the assets and business of Future Retail under “proper legal advice and the rights and obligations are fully enforceable under Indian law.” Meanwhile, in a separate statement on Oct. 26, billionaire Kishore Biyani-led Future Retail, the company behind brands like Big Bazaar, Easyday, and WH Smith, said the Rs24,713 crore (3.4 billion) deal would “proceed unhindered without any delay.”