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Competition watchdog clears Reliance-Future Group deal in setback to Amazon

E-commerce major Amazon has opposed the deal between Future Group and Reliance Retail

Topics
Reliance Retail | Future Group | Amazon India

Press Trust of India  |  New Delhi 

future retail, future group, big bazaar, bazar
Retail outlets of the Future Group include Big Bazaar, Easyday, eZone and FoodHall

The Competition Commission has approved Reliance's proposed acquisition of retail, wholesale, logistics and warehousing businesses of

The Rs 24,713 crore deal that would boost Reliance Industries' fast growing retail business was announced in August.

In a tweet on Friday, the regulator said it has approved "acquisition of retail, wholesale, logistics & warehousing businesses of by Ventures Limited and and Fashion Lifestyle Limited".

Deals beyond a certain threshold require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.

As per the notice submitted to the CCI, there are at least seven target entities. They are Future Enterprises, Future Consumer Ltd, Future Lifestyle Fashions Ltd, Future Retail Ltd, Future Market Networks Ltd, Future Supply Chain Solutions Ltd and Futurebazaar India Ltd and its subsidiaries.

"The Transferor consists of several listed and unlisted companies, primarily engaged in retail, wholesale, logistics and warehousing businesses.

"These businesses operate on a pan-India basis, and include retail operations across segments such as food and grocery, apparel, footwear and accessories, other merchandise, etc," the notice said.

Meanwhile, e-commerce major Amazon has opposed the deal between and Reliance.

Last year, Amazon bought 49 per cent stake in one of Future Group's unlisted firms, with the right to buy into the listed flagship Future Retail Ltd. Amazon has claimed that its contract with the unlisted Future Coupons Ltd barred a transaction with a number of persons and companies, including Reliance.

(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, November 20 2020. 18:52 IST
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