Amazon asks Sebi to withdraw $3.4-bn Future-RIL deal approval

Amazon is now fighting a legal battle with FRL to stop the Kishore Biyani-led retailer's $3.4 billion deal with RIL

US e-commerce giant Amazon has written to Ajay Tyagi, chairman of market regulator Securities and Exchange Board of India (Sebi) and other top executives, to withdraw its conditional approval granted to Future Retail Limited (FRL) related to the $3.4-billion merger deal between Future Group and Reliance. The letter has also been sent to other top officials at stock exchanges such as BSE Limited and the National Stock Exchange of India Limited (NSE).

In Aug 2019, Amazon acquired a 49 per cent stake in Future Coupons, the promoter entity of Future Retail, for about Rs 1,500 crore. Amazon is now fighting