You are here: Home » Economy & Policy » News
Business Standard

Amazon asks India antitrust body to revoke Reliance-Future deal approval

The approval for the deal was a "nullity in the eyes of law" as an arbitrator's order was still in force, according to the letter sent by Amazon.com Inc to the CCI

Topics
Amazon | Reliance Industries | Future Group

Reuters  |  NEW DELHI 

Amazon

By Aditya Kalra and Abhirup Roy

NEW DELHI (Reuters) - has asked India's antitrust regulator to revoke its approval for Future Retail's $3.4 billion sale of retail assets to Reliance, saying it was "illegally obtained", violating an order suspending the deal, a letter seen by Reuters shows.

The approval for the deal was a "nullity in the eyes of law" as an arbitrator's order was still in force, according to the letter sent by .com Inc to the Competition Commission of India (CCI) last week.

The battle between two of the world's richest men, founder Jeff Bezos and Ltd boss Mukesh Ambani, marks a contest for preeminence in India's booming, nearly trillion-dollar retail market.

The winner in the fight for Future Retail Ltd, India's second-largest retailer and Amazon's estranged local partner, will get pole position in the race to meet the daily needs of more than a billion people.

The CCI, Amazon, and Reliance did not respond to requests for comment.

Future has said the arbitrator's suspension order was invalid but Indian courts have declined to overturn it.

If the regulator agrees with the previously unreported letter, it would be a major setback for oil-to-telecom conglomerate Reliance.

Amazon won an injunction against the deal from a Singapore arbitrator last year, alleging Future had violated contracts that prevented it from selling the assets to entities including Reliance.

But the CCI later cleared the deal.

Future misled the CCI and continued to seek approval for the deal, Amazon said in the letter dated Wednesday, calling the injunction a "brazen attempt to subvert the rule of law".

Amazon asked for a personal hearing from the CCI to make its case.

The letter comes as Amazon is also battling allegations that it misrepresented facts and concealed information while seeking antitrust clearance for a 2019 deal with .

Amazon has so far successfully used this deal's contracts to block Future's deal with Reliance.

 

(Reporting by Aditya Kalra and Abhirup Roy in New Delhi; Additional reporting by Zeba Siddiqui; Editing by William Mallard)

(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.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, November 28 2021. 16:37 IST
RECOMMENDED FOR YOU
.