Amazon gets win in India as Reliance's Future Group deal dies

Backstory: Amazon invested around $200 million in Future Group in 2019, which included a right of first refusal for any retail asset sales; thus sparking a legal battle when Future agreed to sell those assets to Reliance Industries.

• In short, it was concerned that a combined Reliance/Future would dominate the Indian retail market.

As the legal battle has played out, however, Reliance surprised most everyone by seizing control of hundreds of Future locations, and claimed nonpayment of rent. With the merger now dead, and those rent claims pending, it's unlikely Future can service its giant debt.

The big picture: India's retail market is projected to hit $1.3 trillion by 2024, per Forrester Research. The vast majority of that remains physical retail, where mom-and-pop shops still dominate. Amazon and Walmart-owned Flipkart dominate the country's growing, but still relatively small, e-commerce sector.

The bottom line: If Future Group does go broke, expect a fierce fight for the remaining assets.