The Competition Commission of India (CCI) approved the Future Group-Reliance Retail deal on Friday. "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 In August, Reliance Industries Limited (RIL) had announced that its subsidiary Reliance Retail Ventures Limited has acquired the retail, wholesale and logistics businesses of the Future Group for Rs 24,713 crore.
Notably, Amazon Inc, which holds about 5 percentstake in Future Retail said that as per their contract, Future Group was restricted to sell off or transfer its assets to the third party without their consent. An arbitration petition was filed by Jeff Bezos-led Amazon with SIAC, last month, claiming that the Kishore Biyani-led Future Group had breached its contract.
On Friday, the Delhi High court reserved its order on Future Retail Limited's plea seeking to restrain Amazon from approaching regulatory bodies against the deal with Reliance's retail arm. The court has concluded hearing arguments by both the parties and asked them to file written submissions by 23 November. Reliance Retail completes Rs 47,265 cr fund raise for 10% stake sale
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