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CAIT urges CCI to block Amazon's deal to acquire 100% stake in Cloudtail

Domestic traders' body CAIT said it has filed a petition before the CCI to block the transaction that has been entered into by Amazon where they will acquire 100 per cent shareholding in Cloudtail.

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CAIT | Amazon | cloudtail india

Press Trust of India  |  New Delhi 

Amazon

Domestic traders’ body on Friday said it has filed a petition before the Competition Commission of India (CCI) to block the transaction that has been entered into by where they will acquire 100 per cent shareholding in Cloudtail.

The petition provides evidence to show Cloudtail charges less fees/ commission and is a preferential seller on the platform, and with its 100 per cent acquisition, will cause an adverse effect on the market, the Confederation of All India Traders (CAIT) alleged in a statement.

has today filed a petition before the Competition Commission of India seeking to block the transaction which has been entered into by where they will acquire 100 per cent shareholding in Cloudtail," it added. The proposed deal raises some concerns from the viewpoint of competition law, it said.

Earlier, it was reported that Amazon is seeking regulatory approval to acquire Catamaran Venture’s entire stake in Prione Business Services, which houses Cloudtail, one of the largest sellers on the ecommerce major’s Indian platform.

Catamaran, the investment office of Infosys co-founder NR Narayana Murthy and Jeff Bezos-led Amazon announced the proposed deal, subject to regulatory approval, in a joint statement.

“Amazon has made a filing with the Competition Commission of India (CCI) for approval to buy Catamaran’s stake that will give it 100 per cent ownership in Prione,” a person aware of the matter said.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Fri, January 14 2022. 18:40 IST
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