Biyani sees quick OK of Future’s $3.4-bn deal

India’s Future Group expects swift regulatory approval for its $3.4-billion deal to sell its retail assets, its chief executive said, even as its warring business partner Amazon.com, Inc. intensifies efforts to block the deal. Future and Amazon are at loggerheads over the Indian group’s August deal with Reliance Industries.

Future Group expects swift regulatory approval of its $3.4billion deal to sell its retail assets, said Chief Executive officer Kishore Biyani, even as its warring business partner Amazon.com Inc intensifies efforts to block the deal.

Biyani says he has no intention of changing business ties with Amazon despite the souring relationship.

Criticising Amazon, however, Biyani said he was confused as to what Amazon wanted to achieve by blocking the deal. “I am disappointed,” he said. “What do they want? They want so many employees to suffer, business to go down?”

In a letter on Tuesday, Amazon had asked the BSE and NSE to suspend their review of the deal, in light of the ongoing Singapore arbitration. To buttress its case, Amazon had, on December 30, shared with the

"THE COURT HAS ALREADY GIVEN ITS VIEW THAT EVERY INSTITUTION CAN TAKE A VIEW. THERE IS NO REASON WHY THINGS SHOULD BE DELAYED"

KISHORE BIYANI, CEO & FOUNDER FUTURE GROUP

exchanges a confidential 63page legal opinion signed by a former chief justice of India Dipak Misra. In the opinion, seen by Reuters, Misra said Sebi or any other statutory authority “cannot ignore” the interim order passed by the arbitrator.