29-November-2020
Corporate News
 
Future Group-Reliance Industries deal gets CCI nod despite Amazon’s objections
21-Nov-2020

Despite Amazon’s requests to various Indian regulators to take note of an interim stay awarded by the Singapore International Arbitration Centre (SIAC) on the Future Group-Reliance Industries deal, the Competition Commission (CCI) on Friday approved the Rs 24,713-crore transaction the two companies had signed in August. “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 said in a tweet. Amazon, which acquired an indirect minority stake in Future Retail (FRL) last year, has alleged that Future’s sale of its businesses to Reliance breached its pre-existing contract, which included a right of the first offer and a non-compete clause.

News Source:- https://www.financialexpress.com/industry/future-group-reliance-industries-deal-gets-cci-nod-despite-amazons-objections/2133131/