India’s Reliance to push on with retail deal in battle with Amazon

India’s Reliance to push on with retail deal in battle with Amazon
Amazon, Reliance and Walmart-backed Flipkart have been locked in a frenzied contest for a share of India’s lucrative online market. (AFP file photo)
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Updated 26 October 2020

India’s Reliance to push on with retail deal in battle with Amazon

India’s Reliance to push on with retail deal in battle with Amazon
  • The row is the latest development in a prolonged battle for dominance in India between Reliance

MUMBAI: Indian conglomerate Reliance has dismissed Amazon’s push to delay its acquisition of domestic retail giant Future Group, despite an arbitration panel suspending the deal following objections by the US online titan.
The row is the latest development in a prolonged battle for dominance in India between Reliance, owned by Asia’s richest man Mukesh Ambani, and Amazon, whose founder Jeff Bezos is the world’s wealthiest person.
Amazon, which owned a stake in one of Future Group’s firms that reportedly included an option to buy into the flagship company, claims that the $3.4-billion Reliance deal, announced in August, amounted to a breach of contract.
After an arbitration panel ordered the deal to be put on hold following Amazon’s request, Reliance said late Sunday that it would nevertheless “enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay.”
Reliance’s retail subsidiary RRVL said in a statement that it had followed “proper legal advice” before agreeing to buy Future Group, adding that the deal was “fully enforceable under Indian Law.”
Reliance, Amazon and Walmart-backed Flipkart have been locked in a frenzied contest for a share of India’s lucrative online market.
The acquisition of Future Group, which owns some of India’s best-known supermarket brands such as Big Bazaar, would strengthen Reliance’s presence in the hugely competitive e-commerce sector.
The arbitration panel has 90 days to give a final verdict on the Reliance-Future deal.


Saudi Arabia’s Amkest Group signs deal with US green energy firm

Amr Khashoggi, Chairman of Amkest Group and Scott Poulter, Chief Executive of Pacific Green Technologies
Updated 05 December 2020

Saudi Arabia’s Amkest Group signs deal with US green energy firm

Saudi Arabia’s Amkest Group signs deal with US green energy firm
  • Its expansion into Saudi Arabia through this joint venture is no surprise since the Kingdom is aiming for 30 percent of its energy to come from renewable sources by 2030

RIYADH: US-based Pacific Green Technologies Inc. (PGTK) has signed a joint venture agreement with Amr Khashoggi Trading Co. Ltd. (Amkest Group) to incorporate a company in Saudi Arabia for the sale of Pacific Green environmental technologies.
Amkest Group, founded in 1983, has a history of success in the Kingdom. Its diverse business portfolio includes construction material production and supply, property development and consulting services.
Commenting on the partnership, Scott Poulter, PGTK’s CEO, said: “Saudi Arabia under its Vision 2030 strategic framework, which calls for 9.5 GW of the Kingdom’s energy to be supplied through renewables by 2030, is set to undergo rapid growth.”
Poulter added: “Pacific Green’s technologies, particularly in the solar power, desalination and battery energy storage system sectors, provide the perfect solution to the Kingdom’s growing demand, and we are excited to leverage Amkest Group’s hard-earned relationships to contribute toward the goals of Vision 2030.”
Amr Khashoggi, chairman of Amkest Group, said: “We believe the combination of our experience and knowledge of the Saudi market, coupled with Pacific Green’s portfolio of technologies, provides the foundation for an incredible partnership and the opportunity to offer multiple complementary technologies.”
Pacific Green is focused on addressing the world’s need for cleaner and more sustainable energy. Its expansion into Saudi Arabia through this joint venture is no surprise since the Kingdom is aiming for 30 percent of its energy to come from renewable sources by 2030.
The deal comes on the back of an expectation that Saudi Arabia will attract more than $20 billion in investments in renewables over the next decade. This forecast was made by the CEO of Saudi National Grid in October, according to a report by S&P Global.