The bruising battle for control of a bankrupt Indian retailer isn’t over yet, and two of the world’s richest men are already heading for a second round on the cricket field.
The stake sale, which will give Generali majority control over the JV, comes as the Future Group is locked in a prolonged legal battle with partner Amazon.
In October 2020, Future Group had been dragged by Amazon into a legal battle at the Singapore International Arbitration Centre, over a deal with Mukesh Ambani's Reliance Retail
Advocate Harish Salve, representing Future group, informed that a Singapore tribunal will commence hearing from 12 July and requested the proceedings be adjourned for a week.
Amazon had moved the apex court on 8 April challenging Delhi HC order that had vacated a stay on Future Group proceeding with its Rs 24,713 cr asset sale to Reliance.
Following the transaction which is expected to be completed by November, Dassault Reliance Aerospace Ltd will become an associate company, with Reliance retaining a 49% stake.
From Munir’s point of view, a few bumps here and there is par for the course. He isn’t going to drive his dumper truck to its doom. He wants to use it as a weapon.
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