CCI clears Future Retail deal

The Competition Commission of India has approved Reliance’s Rs 24,713-crore offer to acquire Future Group’s retail assets.

In a tweet on Friday, the regulator said it has approved the “acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures and Reliance Retail and Fashion Lifestyle Limited”.

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

In August, Mukesh Ambani-led Reliance Industries had announced the acquisition to add to its fast-expanding retail business.