In a huge setback for e-commerce giant Amazon, Competition Commission of India (CCI) on Friday approved the much-anticipated Future Group-Reliance Retail deal . "Commission approves acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited," CCI said in a tweet. The acquisition is being done as part of the scheme in which Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Limited (FEL). The retail and wholesale undertaking of Future Group will be transferred to Reliance Retail and Fashion Lifestyle Limited (RRFLL), a wholly-owned subsidiary of Reliance Retail Ventures Ltd (RRVL). The Delhi High court on Friday reserved its order on Future Retail Limited’s plea seeking to restrain Amazon from approaching regulatory bodies against the deal with Reliance’s retail arm.

Source: Mint November 20, 2020 12:11 UTC