Deals
Reliance’s $3.4 Billion Deal With Future Group Temporarily Halted
- Court gives interim order to stop the deal on Amazon’s request
- Court asks Indian regulators to keep status quo on transaction
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Future Retail Ltd.’s dollar bonds plunged on an Indian court temporarily restraining parent Future Group from selling its retail assets to Reliance Industries Ltd., after Future’s partner Amazon.com Inc. had sought the suspension.
The Delhi High Court on Tuesday ordered the Future Group and Indian authorities to ensure the status of the indebted Indian retailer’s assets are maintained as is, putting on hold any further steps toward completing the $3.4 billion sale to billionaire Mukesh Ambani’s Reliance conglomerate. Future Retail’s dollar bond due January 2025 tumbled 7.4 cents to 78.8 cents on Wednesday, the sharpest drop in three months.