Mumbai: Reliance Retail Ventures Ltd (RRVL) on Sunday issued a statement saying that it intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay.Also Read - Weekly Stock Market Outlook,18th To 24th October : Here's Where You Can Invest This Week To Get More Profit, Watch Video

The retail arm of India’s richest man Mukesh Ambani’s Reliance Industries Ltd said in a statement, “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.” Also Read - Stock Market Weekly Report, 11 to 17 October: Get An Overall Summary On Where To Invest This Week | Watch Video

The statement further added, “RRVL intends to enforce its rights and complete the transaction in terms of the scheme and agreement with Future group without any delay.” Also Read - Mukesh Ambani Joins Bezos, Musk in Worlds Exclusive 100 Billion Club | Full List of Billionaires Here

The statement was put out after US retail giant Amazon secured a major relief against the proposed Rs 24,713-crore combination of Reliance Retail Ventures Ltd and Future Group’s retail and wholesale business when a Singapore arbitration panel ruled that the two parties could not go ahead with the transaction for the time being.

Earlier, the Jeff Bezos-led company had claimed that Reliance-Future deal violated a non-compete clause it had with the Kishore Biyani Group.

With the dispute, Amazon is drawing the battle lines with Reliance in the race for India’s estimated USD 1 trillion retail market, where online shopping is gaining ground. It needs the Indian partner to strengthen its foothold after becoming the authorized online sales channel for Future Retail’s stores that sell everything from groceries to cosmetics and apparel.

The deal would have helped Reliance almost double its footprint as India’s largest retailer.

The tussle between Future and Amazon comes at a time when Reliance has been bolstering its position in the country’s retail segment.

Reliance Retail Ventures Ltd – run by India’s richest man Mukesh Ambani – has been on a fund raising spree and since September, it has raised Rs 37,710 crore crore by selling stake in its retail arm.

RRVL, operates India’s largest, fastest-growing and most profitable retail business spanning supermarkets, consumer electronics chain stores, cash and carry wholesale business, fast-fashion outlets and online grocery store JioMart.

It operates about 12,000 stores in nearly 7,000 towns, with 640 million footfalls across core categories of grocery, consumer electronics and apparel. Revenues of Reliance Retail in FY20 stood at Rs 1.63 lakh crore.