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Amazon asks Sebi to withdraw $3.4-bn Future-RIL deal approval

Amazon is now fighting a legal battle with FRL to stop the Kishore Biyani-led retailer's $3.4 billion deal with RIL

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5 min read Last Updated : Nov 26 2021 | 1:40 AM IST

US e-commerce giant Amazon has written to Ajay Tyagi, chairman of market regulator Securities and Exchange Board of India (Sebi) and other top executives, to withdraw its conditional approval granted to Future Retail Limited (FRL) related to the $3.4-billion merger deal between Future Group and Reliance. The letter has also been sent to other top officials at stock exchanges such as BSE Limited and the National Stock Exchange of India Limited (NSE).

In Aug 2019, Amazon acquired a 49 per cent stake in Future Coupons, the promoter entity of Future Retail, for about Rs 1,500 crore. Amazon is now fighting a legal battle with FRL to stop the Kishore Biyani-led retailer’s $3.4 billion deal with Reliance Industries Limited (RIL).

Amazon has requested Sebi and the stock exchanges to act in aid of the binding injunctions operating against FRL, FCPL (Future Coupons Pvt Ltd) and the Biyanis, in terms of the EA Order and the Order on Vacate Applicati