Deals
Ambani Scraps $3.2 Billion Deal That Set Up Clash With Bezos
- Some lenders to Future Retail vote against Indian mogul’s plan
- Amazon had contested Ambani’s takeover of distressed retailer
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Billionaire Mukesh Ambani abandoned a plan to buy a teetering Indian retailer amid protracted legal challenges from Amazon.com Inc., potentially ending one episode of the broader clash between the two titans to control the country’s billion-people-plus market.
In a filing Saturday, Reliance Industries Ltd. said its proposal to acquire certain assets of Mumbai-based Future Group -- which ran the nation’s biggest retail grocery chain before the pandemic struck -- “cannot be implemented” after its flagship firm Future Retail Ltd. failed to win the approval of its secured creditors for the deal. Reliance didn’t elaborate.