Trade

Kishore Biyani sees Fast Action Future’s $3.4 billion deal

Kishore Biyani

India’s Future Group expects swift regulatory approval of its $3.4 billion deal to sell its retail assets, its chief executive said, even as its warring business partner Amazon.com Inc intensifies efforts to block the deal.

Future and Amazon are at loggerheads over the Indian group’s August deal with Reliance Industries Ltd. The U.S. giant alleges the deal breached some of its pre-existing contracts with Future.

SEBI and India’s stock exchanges could still reject or take more time in approving the deal, which is critical for the survival of Future Retail, whose more than 1,700 outlets were hit hard by the COVID-19 pandemic.

Future Retail has warned that failure to close the deal could lead to the company’s liquidation and job losses for more than 29,000 employees.

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