Amazon and Future Group Settle Arbitration Dispute; Delhi High Court Closes Challenge to SIAC Award
Stories are grouped across languages, rewritten into a fixed editorial format, and linked to original sources. How we report.
TL;DR
- Amazon and Future Group reached a settlement, ending their arbitration dispute.
- Delhi High Court formally disposed of Future Group's challenge to the SIAC arbitral award.
- The SIAC tribunal had earlier awarded partial damages to Amazon over a 2019 investment dispute.
Overview
On April 28, 2026, the Delhi High Court formally disposed of petitions by Future Group entities challenging a Singapore International Arbitration Centre (SIAC) award in their dispute with Amazon. This followed a settlement agreement reached by the parties, formally ending this phase of the long-standing dispute involving Amazon's 2019 investment in Future Coupons Private Limited.
What Happened
Justice Harish Vaidyanathan Shankar of the Delhi High Court recorded that both parties had come to an agreement, as reflected in a Settlement Agreement dated March 13, 2026.
The proceedings brought to a close petitions by Future Group contesting the arbitral award rendered by a SIAC tribunal in June 2025, which had found Future Group in breach of contractual obligations and directed them to pay damages and costs to Amazon.
The original dispute arose when Future Group announced a sale of its retail assets to Reliance Industries in August 2020, which Amazon claimed violated restrictive covenants set in 2019 agreements. Amazon had initiated SIAC arbitration, ultimately seeking damages for the alleged breach.
The SIAC tribunal awarded Amazon ₹23.7 crore in damages, along with directions for Future Group to pay legal costs of approximately ₹77 crore and arbitration fees of about ₹6 crore. The damages awarded represented a small portion of Amazon's initial ₹1,436 crore claim.
Context
Amazon's 2019 investment involved the acquisition of a 49% stake in Future Coupons Private Limited, structured to comply with Indian foreign investment restrictions. The arrangement was designed to give Amazon indirect rights in Future Retail Limited, operator of the Big Bazaar retail chain.
Future Group's planned sale of its retail operations to Reliance in 2020 prompted Amazon to initiate arbitration and parallel legal proceedings, citing breach of contract.
Why It Matters
- The settlement brings an end to extensive litigation and arbitration between two major retail sector actors in India, restoring certainty to the parties involved.
- It demonstrates the use of international arbitration forums for complex cross-border investment and contract disputes involving multinational corporations.