Future Group-Reliance Industries deal gets CCI nod despite Amazon’s objections

Despite Amazon’s requests to various Indian regulators to take note of an interim stay awarded by the Singapore International Arbitration Centre (SIAC) on the Future Group-Reliance Industries deal, the Competition Commission (CCI) on Friday approved the Rs 24,713-crore transaction the two companies had signed in August.

“Commission approves acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited,” CCI said in a tweet.

Amazon, which acquired an indirect minority stake in Future Retail (FRL) last year, has alleged that Future’s sale of its businesses to Reliance breached its pre-existing contract, which included a right of the first offer and a non-compete clause.