India's Future Group firms rise after tribunal nod to meet on Reliance deal

Future Lifestyle Fashions

29/09/2021 05:34

** Shares of India's Future Group firms Future Consumer
 FTRE.NS , Future Lifestyle Fashions  FLFL.NS , Future
Enterprises  FURE.NS  and Future Retail  FRTL.NS  gain as much
as between 2.5% and 9.5% 
    ** The National Company Law Tribunal (NCLT) on Tuesday
allowed the firms to hold meetings of shareholders and creditors
to seek approval of Future Group's $3.4 bln retail assets sale
to Reliance Industries  RELI.NS   urn:newsml:reuters.com:*:nFWN2QU0KF
    ** The NCLT also rejected Amazon.com Inc's  AMZN.O 
intervention application asking India's market regulator to
order withdrawal of the conditional approval given to the deal
    ** Amazon in Aug scored a major victory in the dispute over
the deal after India's top court said an interim decision by a
Singapore arbitrator that put the deal on hold was valid and
enforceable in India
    ** The outcome of the dispute is seen as reshaping India's
pandemic-hit shopping sector and deciding if Amazon can blunt
Reliance's dominance of India's retail market

 (Reporting by Anuron Kumar Mitra in Bengaluru)
 ((AnuronKumar.Mitra@thomsonreuters.com; +91 99863 58469;))