The seven-year-old joint venture, called Prione Business Services Pvt., will cease operating from mid-2022, the companies announced on Monday. The partners have “mutually decided to not continue their joint venture beyond the end of its current term," they said in a statement. Amazon has come under fire in India for business practices that small retailers contend are unfair and illegal. “We expect big giants like Amazon, Flipkart volunteering for inquiry and transparency and you don’t even want it," Chief Justice N.V. Ramana said in the ruling. In February of 2019, Amazon lowered its stake in Prione to 24%, while Catamaran Ventures raised its holding to 76%.

Source: Mint August 09, 2021 14:03 UTC