In a significant decision, the Singapore International Arbitration Centre (SIAC) has ruled in favour of Amazon in its protracted legal battle against the Kishore Biyani-led Future Group. The arbitration panel found that the merger deal between Future Group and Reliance Retail violated contractual agreements previously signed with Amazon.
The dispute stemmed from Amazon’s investment in Future Coupons in 2019, which gave the global e-commerce giant certain rights over Future Group’s retail assets. The SIAC ruling confirms Amazon’s stance that the ₹24,713 crore deal between Future and Reliance breached these agreements.
However, despite the ruling in its favour, Amazon was awarded only ₹23.7 crore in damages — a small fraction of the ₹1,436 crore it had initially sought. The outcome is seen as a symbolic victory that reinforces the enforceability of international arbitration in India’s business landscape.
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