Future Group, Amazon Explore Settlement After ₹23.7 Crore SIAC Award

The Delhi High Court was informed on Friday that Amazon and the Future Group are exploring the possibility of a settlement following an arbitral award from the Singapore International Arbitration Centre (SIAC), which directed Future to pay ₹23.7 crore in damages to Amazon.

Justice Jasmeet Singh, who was hearing the petitions filed by Future Coupons and Ashni Biyani challenging the SIAC award, adjourned the matter to January 14, 2026.

In June 2025, the SIAC tribunal ruled in favour of Amazon in the long-standing dispute linked to Future Group’s 2020 deal with Reliance Industries. Apart from damages, the tribunal also ordered Future to pay ₹77 crore towards Amazon’s legal expenses and about ₹6 crore in arbitration fees.

Amazon had initially sought ₹1,436 crore in damages—the amount it had invested in Future Coupons Private Limited (FCPL)—but the tribunal granted only a small portion. It, however, allowed around 60% of the legal expenses incurred before the tribunal.

The three-member tribunal comprised Prof Albert Jan van den Berg, Prof Jan Paulsson, and Senior Counsel Michael Hwang.

The dispute stemmed from Amazon’s 2019 investment of ₹1,431 crore in FCPL, a Future Group subsidiary. Through this 49% stake, Amazon indirectly gained access to Future Retail Limited (FRL), which operated the Big Bazaar retail chain. The structure was necessary due to India’s restrictions on foreign investment in multi-brand retail.

Under the shareholder agreements, Future Group was barred from selling its assets to certain “restricted persons,” including Reliance Industries. However, in August 2020, when the group faced mounting debts of ₹22,000 crore and losses caused by COVID-19 lockdowns, it announced a ₹24,713 crore deal to sell its retail, wholesale, logistics, and warehousing businesses to Reliance.

Amazon objected to this move, alleging breach of contract, and initiated arbitration at SIAC in October 2020. The tribunal’s emergency order temporarily halted the Reliance-Future deal, triggering a prolonged legal battle before Indian courts and regulators.

Counsel for the petitioners included Senior Advocate Dayan Krishnan along with Advocates Pranjit Bhattacharya, Shrishti Juneja, Salonee Shukla, Aashima Gautam, Sachin Jain, and Sanjeevi Seshadri. Senior Advocate VP Singh appeared for the respondents.