CCI approves deal between Amazon Tweak, Reliance and Future Group

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New Delhi, Saturday 21 November 2020

US giant Amazon has suffered a major setback, with the Competition Commission of India (CCI) approving a deal between Reliance Industries and Future Group.

Amazon was trying to derail the deal between Reliance Industries and Future Group, the country's largest retailer.

Experts opined that Amazon is trying to indirectly gain a foothold in the retail chain Big Market through a deal that saw Amazon buy a 49 percent stake in Future Group's non-listed companies led by Kishore Biyani last year.

At the same time, it had acquired the right to acquire Future Retail Ltd., a leading listed company, in the event of the government removing the foreign ownership limit in multibrand retail companies.

FRL was plunged into a severe financial crisis following a lockdown caused by the Corona virus epidemic, after which it struck a deal with Reliance Industries for Rs 24,713 crore worth of its property, Amazon said in a statement.

The US company claims that its agreement with non-listed Future Cupus Ltd hinders transactions with many people and companies, including Ambani and Reliance.

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