<p>Future Retail must take part in arbitration over a commercial dispute with Amazon.com Inc, a Singapore arbitration panel ruled on Wednesday, rejecting the Indian retailer's bid to avoid the process.</p>.<p>Amazon is trying to block Future's $3.4 billion sale of its retail assets to Indian market leader Reliance Industries, accusing it of breaking contracts. Future denies any wrongdoing.</p>.<p>After the Singapore arbitrator put the deal on hold last year in an interim decision, Future argued it should be excluded from arbitration because Amazon had initiated it incorrectly under a contract it signed with another Future group company.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/business-news/future-group-firms-convene-shareholder-creditors-meetings-to-seek-approval-for-ril-deal-1039733.html" target="_blank">Future group firms convene shareholder, creditors meetings to seek approval for RIL deal</a></strong></p>.<p>In an order on Wednesday, which is not public but has been reviewed by Reuters, the panel disagreed with Future. It said the three agreements at the heart of the Future-Amazon dispute must be read together, and not separately, as Future argued.</p>.<p>The three agreements were of "composite nature", "wide and comprehensive enough" and the tribunal "has jurisdiction over FRL (Future Retail) in this Arbitration," said the 69-page order.</p>.<p>Future and Amazon did not immediately respond to requests for comment.</p>.<p>The main arbitration proceedings will now begin in due course, people familiar with the matter said.</p>.<p>The dispute started after Future, India's second-largest retailer with over 1,700 stores, entered into a deal last year to sell its retail, wholesale, logistics and certain other businesses to Reliance, after Covid-19 hit its operations hard.</p>.<p>Amazon had its sights on ultimately owning some of Future's retail assets itself. It has argued a 2019 deal it had with a Future unit contained clauses prohibiting the Indian group from selling its retail assets to anyone on a "restricted persons" list that included Reliance.</p>.<p>Amazon brought proceedings against Future before a Singapore arbitration panel, and the dispute is also being fought at various Indian legal forums.</p>.<p>The outcome of the tussle involving two of the world’s richest men, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, could reshape India’s pandemic-hit shopping sector and help determine whether Amazon can blunt Reliance's dominance of India's almost one trillion-dollar retail market.</p>.<p><strong>Check out latest videos from <i data-stringify-type="italic">DH</i>:</strong></p>
<p>Future Retail must take part in arbitration over a commercial dispute with Amazon.com Inc, a Singapore arbitration panel ruled on Wednesday, rejecting the Indian retailer's bid to avoid the process.</p>.<p>Amazon is trying to block Future's $3.4 billion sale of its retail assets to Indian market leader Reliance Industries, accusing it of breaking contracts. Future denies any wrongdoing.</p>.<p>After the Singapore arbitrator put the deal on hold last year in an interim decision, Future argued it should be excluded from arbitration because Amazon had initiated it incorrectly under a contract it signed with another Future group company.</p>.<p><strong>Also read: <a href="https://www.deccanherald.com/business/business-news/future-group-firms-convene-shareholder-creditors-meetings-to-seek-approval-for-ril-deal-1039733.html" target="_blank">Future group firms convene shareholder, creditors meetings to seek approval for RIL deal</a></strong></p>.<p>In an order on Wednesday, which is not public but has been reviewed by Reuters, the panel disagreed with Future. It said the three agreements at the heart of the Future-Amazon dispute must be read together, and not separately, as Future argued.</p>.<p>The three agreements were of "composite nature", "wide and comprehensive enough" and the tribunal "has jurisdiction over FRL (Future Retail) in this Arbitration," said the 69-page order.</p>.<p>Future and Amazon did not immediately respond to requests for comment.</p>.<p>The main arbitration proceedings will now begin in due course, people familiar with the matter said.</p>.<p>The dispute started after Future, India's second-largest retailer with over 1,700 stores, entered into a deal last year to sell its retail, wholesale, logistics and certain other businesses to Reliance, after Covid-19 hit its operations hard.</p>.<p>Amazon had its sights on ultimately owning some of Future's retail assets itself. It has argued a 2019 deal it had with a Future unit contained clauses prohibiting the Indian group from selling its retail assets to anyone on a "restricted persons" list that included Reliance.</p>.<p>Amazon brought proceedings against Future before a Singapore arbitration panel, and the dispute is also being fought at various Indian legal forums.</p>.<p>The outcome of the tussle involving two of the world’s richest men, Amazon’s Jeff Bezos and Reliance’s Mukesh Ambani, could reshape India’s pandemic-hit shopping sector and help determine whether Amazon can blunt Reliance's dominance of India's almost one trillion-dollar retail market.</p>.<p><strong>Check out latest videos from <i data-stringify-type="italic">DH</i>:</strong></p>