Future Group that is currently in a tussle with Amazon due to its deal with Reliance expects swift regulatory approval of its $3.4 billion deal. Future Group head Kishore Biyani said that he has no intention of changing ties with Amazon despite the souring relationship. He, however, said that he was disappointed. "I am disappointed. What do they want? They want so many employees to suffer, business to go down?" he said.
Meanwhile, Amazon has intensified efforts to block the deal. The companies are at loggerheads over Future's deal with Reliance that, Amazon alleges, has violated its pre-existing contracts with the US giant.
"The court has already given their view that every institution can take a view on the sale. So there is no reason why things should be delayed," said Biyani in an interview to Reuters. A New Delhi court in December dismissed Future's request to restrain Amazon's repeated attempts to get authorities to stall the deal. But the judge left the fate of the transaction with the regulators.
"We have restored businesses to a certain extent, but there are challenges," said Biyani. The company has stated that its failure to close the deal could lead to Future Group's liquidation and job losses of nearly 30,000 employees. The deal is critical for the survival of the group, whose more than 1,700 outlets were hit hard by the coronavirus pandemic.
The outcome of the dispute is believed to not only seal the fate of Future but also shape India's retail landscape. It would also decide who will have an upper hand in the groceries market expected to be worth around $740 billion a year by 2024.
Amazon also took Future to a Singapore arbitrator, which passed an interim order in October saying the Reliance deal should be halted. Future said that order is not binding.