India’s antitrust body approves Amazon’s acquisition of stake in Future Coupons
today Dec 1, 2019
The Competition Commission of India (CCI) has cleared the acquisition of a stake in Future Coupons Limited by Amazon.
Future Coupons is a subsidiary of Future Group, which owns 7.3 percent of Future Retail (owner of Big Bazaar and Fashion Big Bazaar), and through the deal, Amazon will own 3.58 percent stake in the brick-and-mortar retailer which operates more than 1,500 stores in the country.
In November, India’s antitrust body CCI had sought more information from Amazon Inc about its planned acquisition of a stake in India’s Future Retail.
However, after closely scrutinising the deal, CCI has decided to give the acquisition its nod as no antitrust concerns were found.
“CCI has approved Amazon.com NV Investment Holdings' proposal to acquire about 49 percent share in Future Coupons. The proposed combination pertains to the acquisition by the acquirer (Amazon) of about 49 percent of the voting and non-voting equity shares of the target (Future Coupons)," CCI said in a statement.
Future Group has a significant presence in the fashion and apparel market and the approval of the deal is expected to help Amazon tap into the booming retail market in India besides boosting its e-commerce operations.
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