CCI clears Reliance-Future Retail deal regardless of Amazon’s objections

MUMBAI: The Competitors Fee of India (CCI) on Friday cleared oil-to-telecom big Reliance Industries‘ bid to purchase Future group‘s retail belongings at the same time as Amazon.com sought to dam the potential deal, alleging contractual violations by the latter.
The antitrust physique of India is a setback for US big Amazon, which has argued {that a} 2019 settlement it inked with Future prevented the Indian group from promoting its retail belongings to sure events, together with Reliance – led by Asia’s richest man, Mukesh Ambani.
Amazon – an investor in considered one of Future’s holding firms – final month received an injunction in opposition to the deal from an arbitrator in Singapore.
Amazon has additionally approached the CCI and the nation’s market regulator Securities and Alternate Board of India (Sebi), urging them to think about the arbitration order and never approve the deal.
Future Retail, nevertheless, mentioned the settlement in query was not with the corporate, however with the corporate’s largest shareholder and the arbitration order was not legitimate in India. It has additionally taken Amazon to courtroom in an effort to forestall it from sending letters to regulators.

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