Reliance Future’s $3.4 Billion Deal Cleared by CCI Despite Amazon’s Objections
Reliance-Future’s $3.4-Billion Deal Cleared by CCI Despite Amazon’s Objections
Amazon won an injunction last month from a Singapore arbitrator to halt the deal pending arbitration.
By Reuters | Updated: 21 November 2020 10:41 IST
Reliance Industries agreed to buy Future Group's retail assets under the $3.4 billion deal
The CCI announced its decision in a tweet on Friday
Amazon says its 2019 deal with Future restricts selling of retail assets
The dispute has put Amazon at odds with Future Retail and Reliance Group
Antitrust body Competition Commission of India (CCI) on Friday cleared conglomerate Reliance Industries' $3.4 billion (or Rs. 24,713 crores) deal to buy Future Group's retail assets, thwarting Amazon.com's efforts to block the deal.
The Competition Commission of India (CCI) announced its decision in a tweet on Friday, with details likely to be made public later.
Amazon had approached the CCI and market regulator SEBI alleging the deal would violate some pre-existing agreements it had with Future Group.
Future has argued it entered into the deal with Reliance because its retail business was severely hit during the COVID-19 pandemic and it was critical to protect all its stakeholders.
The dispute has put Amazon at odds not just with Future Retail - one of country's top retailers - but also with Ambani's Reliance Group which is fast expanding its e-commerce business and threatening the dominance of the US giant.