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Raman8889
2021-08-06

It has become ugly battle between the world richest

Ambani Suffers Setback in $3.4 Billion Deal Dispute With Bezos

Amazon wants to block Reliance from buying an Indian retailer Indian court says a Singapore arbitrat

Ambani Suffers Setback in $3.4 Billion Deal Dispute With Bezos

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Amazon had approached the arbitration court in the city-state, and the parties will now have to wait for the deliberations of that body before a final decision.</p>\n<p>The Indian court’s verdict is the latest episode in a bitter battle over the cash-starved&nbsp;Future Retail Ltd. -- the nation’s second-largest supermarket chain -- which both Jeff Bezos-founded Amazon and Ambani’s&nbsp;Reliance Industries Ltd.&nbsp;want to control. The two behemoths, owned by two of the world’s richest men, are fighting for a bigger slice of the only billion-people plus consumer market that’s still open to foreign firms.</p>\n<p>Reliance dropped as much as 2.6% in Mumbai on the ruling, the biggest intraday decline in two weeks. Future Retail plunged by its daily limit of 10%, the most in more than four months.</p>\n<p><img src=\"https://static.tigerbbs.com/6539f8ca8629388a7250963b32831435\" tg-width=\"1200\" tg-height=\"675\" width=\"100%\" height=\"auto\"></p>\n<p>For Seattle-based Amazon, adding Future’s Big Bazaar brand of stores to its assets would help expand its brick-and-mortar footprint across the country. Ambani announced his plans to buy Future’s assets almost a year ago to help aid his retail push. His oil-refining conglomerate has identified e-commerce and conventional retail as two focus areas, and roped in investors including&nbsp;Facebook Inc.&nbsp;and&nbsp;Alphabet Inc.’s Google in 2020.</p>\n<p>“The court verdict puts a speed breaker on Reliance’s retail dominance in India,” said Devangshu Dutta, founder and chief executive officer of the Delhi-based retail consultancy, Third Eyesight. “It balances the competition with the larger American players, and gives Amazon a much-needed presence in physical retail.”</p>\n<p>Future Retail’s 5.60% $500 million January 2025 notes plunged 5.7 cents on the dollar to 66.3 as of 2:45 p.m. in Hong Kong. That’s the lowest level since Aug. 27, according to data compiled by Bloomberg</p>\n<p>The feud highlights the importance of the Indian consumer market. Amazon has pledged $6.5 billion of investment, while Walmart Inc.-owned&nbsp;Flipkart&nbsp;recently mopped up $3.6 billion in the country’s largest fundraising at a valuation of nearly $38 billion.</p>\n<p>Amazon owns a stake in an unlisted Future unit and has argued that it contractually has the first right of refusal to buy Future. It went to the Singapore arbitration court last year, accusing the Indian retailer of Future Group of&nbsp;violating&nbsp;that contract when it agreed to sell its wholesale, warehousing, logistics and other retail assets to Ambani’s conglomerate.</p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Ambani Suffers Setback in $3.4 Billion Deal Dispute With Bezos</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAmbani Suffers Setback in $3.4 Billion Deal Dispute With Bezos\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-08-06 15:45 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2021-08-06/amazon-wins-as-top-india-court-halts-reliance-future-deal?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Amazon wants to block Reliance from buying an Indian retailer\nIndian court says a Singapore arbitrator’s decision is binding\n\nMukesh Ambani’s planned $3.4 billion purchase of an indebted retailer ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2021-08-06/amazon-wins-as-top-india-court-halts-reliance-future-deal?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://www.bloomberg.com/news/articles/2021-08-06/amazon-wins-as-top-india-court-halts-reliance-future-deal?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1110795702","content_text":"Amazon wants to block Reliance from buying an Indian retailer\nIndian court says a Singapore arbitrator’s decision is binding\n\nMukesh Ambani’s planned $3.4 billion purchase of an indebted retailer suffered a blow after Amazon.com Inc. won a court battle to halt the transaction, disrupting the Indian tycoon’s ambitions to take on the U.S. e-commerce giant in the $1 trillion local market.\nOn Friday, a two-judge bench of India’s Supreme Court ruled that an emergency order by a Singapore arbitrator last year, which stopped Reliance from proceeding with the deal, is legally binding. Amazon had approached the arbitration court in the city-state, and the parties will now have to wait for the deliberations of that body before a final decision.\nThe Indian court’s verdict is the latest episode in a bitter battle over the cash-starved Future Retail Ltd. -- the nation’s second-largest supermarket chain -- which both Jeff Bezos-founded Amazon and Ambani’s Reliance Industries Ltd. want to control. The two behemoths, owned by two of the world’s richest men, are fighting for a bigger slice of the only billion-people plus consumer market that’s still open to foreign firms.\nReliance dropped as much as 2.6% in Mumbai on the ruling, the biggest intraday decline in two weeks. Future Retail plunged by its daily limit of 10%, the most in more than four months.\n\nFor Seattle-based Amazon, adding Future’s Big Bazaar brand of stores to its assets would help expand its brick-and-mortar footprint across the country. Ambani announced his plans to buy Future’s assets almost a year ago to help aid his retail push. His oil-refining conglomerate has identified e-commerce and conventional retail as two focus areas, and roped in investors including Facebook Inc. and Alphabet Inc.’s Google in 2020.\n“The court verdict puts a speed breaker on Reliance’s retail dominance in India,” said Devangshu Dutta, founder and chief executive officer of the Delhi-based retail consultancy, Third Eyesight. “It balances the competition with the larger American players, and gives Amazon a much-needed presence in physical retail.”\nFuture Retail’s 5.60% $500 million January 2025 notes plunged 5.7 cents on the dollar to 66.3 as of 2:45 p.m. in Hong Kong. That’s the lowest level since Aug. 27, according to data compiled by Bloomberg\nThe feud highlights the importance of the Indian consumer market. Amazon has pledged $6.5 billion of investment, while Walmart Inc.-owned Flipkart recently mopped up $3.6 billion in the country’s largest fundraising at a valuation of nearly $38 billion.\nAmazon owns a stake in an unlisted Future unit and has argued that it contractually has the first right of refusal to buy Future. It went to the Singapore arbitration court last year, accusing the Indian retailer of Future Group of violating that contract when it agreed to sell its wholesale, warehousing, logistics and other retail assets to Ambani’s conglomerate.","news_type":1},"isVote":1,"tweetType":1,"viewCount":158,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"EN","currentLanguage":"EN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":43,"xxTargetLangEnum":"ORIG"},"commentList":[],"hasMoreComment":false,"orderType":2}