MUMBAI: The Competition Commission of India (ITC) on Friday authorized the oil giant to telecommunications Dependency industries‘offer to buy Future groupretail assets even as Amazon.com sought to block the potential deal, claiming contractual violations by the latter.
India’s antitrust body is a setback for US giant Amazon, which has argued that a 2019 deal it signed with Future prevented the Indian group from selling its retail assets to certain parties, including Reliance, led by Asia’s richest man. . Mukesh Ambani.
Amazon, an investor in one of Future’s holding companies, won an injunction last month against an arbitrator’s agreement in Singapore.
Amazon has also reached out to the ICC and the country’s market regulator Securities and Exchange Board of India (Sebi), urging them to consider the arbitration order and not approve the deal.
Future Retail, however, said that the deal in question was not with the company, but with the company’s largest shareholder and that the arbitration order was not valid in India. It has also taken Amazon to court in an effort to prevent it from sending letters to regulators.
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