CCI okays Reliance-Future retail deal

New Delhi, Nov (UNI) Competition Commission of India on Friday said it has approved the proposed acquisition of retail, wholesale, logistics, and warehousing businesses of Future Group, by Reliance Retail, despite objection by Amazon group.
“Commission approves acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited,” CCI announced on Twitter.
Mukesh Ambani promoted Reliance Retail and Future Group of Kishore Biyani had announced their proposed deal, worth $3.4 billion, in late August.
Amazon, which has a stake in one of Future Group’s holding companies, has raised objections over the deal, alleging the Indian firm of engaging in insider trading and violating contracts.
The US-based Amazon has argued that its contract with Future Coupons that prohibited the Indian group from selling its assets to a competing firm like Reliance Retail.
Late last month, a Singapore arbitration court issued an order to halt the deal for the time being.
After the court order, Future Group and Reliance Retail said they were working to complete their deal “without any delay.”
Amazon, which had requested the CCI and the regulator of the securities and commodity market SEBI to consider Singapore International Arbitration Centre’s order and block the deal.


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