Nippon Express gets CCI nod to acquire 22% stake in Future Supply

The country’s competition watchdog Competition Commission of India (CCI) on Tuesday approved Nippon Express’s proposed acquisition of 22 per cent stake in Kishore-Biyani-led Future Supply Chain for Rs 641 crore.

This is the second time in two weeks that the CCI has given its nod to a foreign investment in a Future group company. 

On November 28, the CCI had approved Amazon’s proposed Rs 1,500-crore deal to acquire 49 per cent stake in Future Coupons, a Future Retail promoter entity. The transaction will give Amazon a 3.5 per cent stake in Future Retail. In a statement to the exchanges, Future Supply Chain said, “The proposed combination pertains to the acquisition by Nippon Express of about 22 per cent of the total issued and paid up share capital of Future Supply Chain on a fully diluted basis.”

Singapore-based Nippon Express will buy 14.6 per cent stake of the existing share capital held by special situations fund SSG Capital in Future Supply Chain.