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Passing an interim award in favour of Amazon, VK Rajah asked the Future group to put the deal on hold and said that the deal cannot go through until it finally decides the matter, sources with direct knowledge of the development said.
Reliance Industries' retail arm, Reliance Retail Ventures Limited (RRVL), said it has been informed about the interim order passed by the emergency Arbitrator in the arbitration proceedings and intends to complete the transaction with Future group without any delay.
"RRVL has entered into the transaction for acquisition of assets and business of Future Retail Limited under proper legal advice and the rights and obligations are fully enforceable under Indian Law. RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay, Reliance Retail said in a statement.
The ruling marks provides some respite for Amazon as it seeks to halt a deal that could give Mr Ambani unparalleled dominance in the race for the country's consumer retail market.
Reliance Industries - already the country's biggest brick-and-mortar retailer - has plans for the online segment that would see it take on Amazon in what is a rising market.
Amazon last year bought a 49 per cent stake in one of Future's unlisted firms, Future Coupons, with the right to buy into Future Retail for a period ranging from three years to 10 years. Future Coupons owns a 7.3 per cent stake in Future Retail.
However, in August, Reliance Retail decided to buy retail, wholesale and some other businesses of Future Group. On August 29, 2020, the Future group announced the sale of its retail, wholesale and logistic businesses to Reliance Retail Ventures Limited, the retail arm of Reliance Industries.
Reliance Industries' deal to acquire rival Future Group's retail business, coupled with its launch of JioMart earlier in May, were aimed at rivalling Amazon's local unit and Walmart's Flipkart in the huge retail market in the country.
Reliance Retail Ventures operates retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets and online grocery store JioMart.
A host of global investors, including the likes of TPG, GIC, Silver Lake Partners, KKR and Mubadala, have invested in Reliance Industries' retail arm this year.