Tushar Pania, a spokesperson for Reliance, did not immediately respond to requests for comment.
In Indian legal circles, the judgment was seen as another sign of the independence of the country’s judiciary, which has been criticized in the past for eroding freedom of expression.
The Indian justice system has long been viewed as a mainstay of the country’s vast but often unruly democracy. He recently made a series of progressive rulings, including granting bail for activists arrested under strict anti-sedition and anti-terrorism laws, overturning the ban on consensual gay sex, and upholding the right to privacy. .
The battle between Amazon and Reliance Industries is far from over.
Future Group said in a stock exchange report on Friday that it “intends to pursue all avenues available to secure the deal” with Reliance. Future Group could appeal the Singapore Arbitral Tribunal’s decision or file a petition for review with the Supreme Court of India. Lawyers are considering the best course of action, said Swetank Jain, a spokesperson for the company.
Amazon still faces a government antitrust investigation into the deal with a Future Group unit. At the end of last month, India’s Competition Commission issued a show cause notice to Amazon, accusing the company of not being candid about its interest in Future Retail when the agency signed the deal in 2019. (Amazon, a dominant force in e-commerce and other fields and with a huge mine of customer data, is also the target of antitrust scrutiny in the United States and Europe.)
The agency’s president, Ashok Kumar Gupta, did not immediately respond to requests for comment.
Supermarkets and other Future Group stores could serve as the basis for building or expanding an e-commerce empire in India, a potentially lucrative prize. India’s online market is expected to reach $ 85.5 billion by 2025, according to Forrester Research. Facebook, Walmart and others are also investing heavily in the country.
Sanjeev Kumar, analyst at New Delhi-based Forrester Research, said Amazon’s push to enter India’s nascent grocery retail market was aimed at tackling Flipkart, which is controlled by Walmart. The country’s retail grocery market is expected to reach $ 10 billion by 2025, he said.