MUMBAI,Nov 21,2020: The Competition Commission of India (CCI) on Friday cleared conglomerate Reliance Industries’ $3.4 billion deal to buy Future Group’s retail assets, thwarting Amazon.com’s efforts to block the deal.
The Commission announced its decision in a tweet on Friday, with details likely to be made public later.
Amazon had approached the CCI and the country’s market regulator SEBI alleging the deal would violate some pre-existing agreements it had with Future Group.
Last month Amazon won an injunction from a Singapore arbitrator to halt the deal pending arbitration.
While the deal is yet to receive approval of stock exchanges and market regulator SEBI, the three companies are now embroiled in a legal battle at the Delhi High Court over the transaction.
An Indian antitrust lawyer said the CCI only looks into competition issues around a deal and is not concerned with other disputes between parties.
