CCI revoked Amazon deal with Future group

Tags: National News

The Competition commission of India has revoked its earlier approval to Amazon's 2019 deal with Future Coupons, a subsidiary of Kishore Biyani-led Future Group.
In 2019, Amazon.com NV Investment Holdings, a direct subsidiary of Amazon.com Inc, signed an agreement with the Future Coupons Private Limited (FCPL) for buying 49 percent of its shares for Rs 1431 crore .
Later ,Future Coupon Private Limited (FCPL) and the Confederation of All India Traders (CAIT) complained to the CCI to cancel the approval for the 2019 deal between Amazon and Future Coupons on the grounds that Amazon had “concealed facts” at the time of seeking approval for its investment.
The CCI held Amazon guilty of concealing the facts and imposed a penalty of Rs. 200 crore on Amazon and cancel the deal
Future Group is the owner of the popular departmental stores like Big Bazar Central etc.

Competition Commission of India (CCI)

The Competition Commission of India (CCI) is the chief national competition regulator in India.
It is a statutory body within the Ministry of Corporate Affairs.
It enforces the Competition Act, 2002 (last amended in 2009).
It promotes healthy market competition and prevents activities that have an adverse effect on competition in India.
CCI also approves combinations under the act so that two merging entities do not overtake the market.

Formed in 14th October 2003

Headquarters - New Delhi

Current Chairman - Ashok Kumar Gupta

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