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)
Formed in 14th October 2003
Headquarters - New Delhi
Current Chairman - Ashok Kumar Gupta
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