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Friday, November 27, 2020

CCI nod to Future, Reliance Retail deal

The Rs 24,713-crore acquisition has faced stiff resistance from Amazon, which appealed to the Sebi, BSE and NSE to not approve the deal.

By: ENS Economic Bureau | New Delhi | November 21, 2020 1:18:23 am
An employee packs goods into a plastic bag at a checkout counter of a Big Bazaar hypermarket, operated by Future Retail Ltd, in Mumbai, India, on Sunday, April 16, 2017. (Photographer: Dhiraj Singh/Bloomberg)

The competition regulator on Friday approved the acquisition of Future Group’s retail, wholesale, warehousing logistics business by Reliance Retail Ventures Ltd (RRVL).

The Rs 24,713-crore acquisition has faced stiff resistance from Amazon, which appealed to the Sebi, BSE and NSE to not approve the deal.

“Commission approves acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited,” the Competition Commission of India (CCI) said in a tweet.

Amazon has won an injunction, barring Future Retail and its promoters from executing its deal with Reliance Retail from an emergency arbitrator of the Singapore International Arbitration Centre (SIAC).

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