Amazon setback: Competition Commission approves Reliance-Future deal

The Reliance Group in August signed a deal of Rs 24,713 crore to acquire the retail, wholesale, warehousing and logistics business of Future Group. Amjon is opposing the deal and a Singapore arbitration court ruled in its favor.

Competition Commission approves Reliance-Future deal

American giant e-commerce company Amazon (Amazon) has received a major setback. The Competition Commission of India (CCI) has approved the deal between Reliance Industries and Future Group. 

Significantly, Reliance Group in August signed a deal of Rs 24,713 crore to acquire the retail, wholesale, warehousing and logistics business of Future Group. Amazon is opposing the deal and a Singapore arbitration court ruled in its favor. 

CCI tweeted on Friday that “the deal was approved for the acquisition of Reliance Retail Ventures Ltd and Reliance Retail & Fashion Lifestyle Ltd of the retail, wholesale, warehousing and logistics business of Future Group.” The CCI acts as a regulator to monitor unfair business activities in the market and to maintain competition.

Amazon is fighting a legal battle against the Future-Reliance deal. The matter between Future Group and Amazon is also under consideration in Delhi High Court. On Friday, the Delhi High Court reserved its decision on the Future Group’s plea to stop interfering in the Amazon deal. The court has given time till November 23 to the concerned parties to submit their written response to it.