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Amazon urges India’s antitrust agency to revoke reliance-future transaction approval

File Photo: People buy clothes at a Big Bazaar retail store in Mumbai, India, on November 25, 2020. REUTERS / Niharika Kulkarni / File Photo

November 28, 2021

By Aditya Kalra and Abhirup Roy

New Delhi (Reuters) -Amazon violates an order to suspend transactions with Indian antitrust regulators for the sale of $ 3.4 billion of retail assets to Reliance, saying it was “illegally acquired” He requested that the approval be revoked.

According to a letter sent by Amazon.com Inc to the Competition Commission of India (CCI) last week, the approval of the transaction was “legally invalid” because the arbitrator’s order was still valid.

The battle between Amazon founder Jeff Bezos and Reliance Industries Limited’s boss Mukesh Ambani, the world’s wealthiest men, is India’s booming retail market of about $ 1 trillion. It’s a battle for excellence in.

The winner of the battle at Future Retail Ltd, India’s second-largest retailer and Amazon’s estranged local partner, takes pole position in the race to meet the daily needs of more than a billion people. increase.

CCI, Amazon, Future Group, and Reliance did not respond to requests for comment.

Future said the arbitrator’s suspension order was invalid, but an Indian court refused to overturn it.

If regulators agree to a previously unreported letter, it will be a major setback for the conglomerate’s confidence in oil-to-telecommunications.

Amazon claimed last year that it won an injunction against a deal from a Singapore arbitrator and broke a contract that prevented Future from selling assets to entities, including Reliance.

However, CCI later cleared the deal.

Amazon called the injunction “a brave attempt to overturn the rule of law” in a letter dated Wednesday, saying it would continue to mislead the CCI and seek approval of the transaction in the future.

Amazon sought a personal hearing from CCI to make that claim.

This letter arrives while Amazon is seeking antitrust approval for a 2019 deal with Future Group, while also fighting allegations of misrepresenting facts and hiding information.

So far, Amazon has taken advantage of this deal’s contract to block future deals with Reliance.

(Report by Aditya Kalra and Abhirup Roy in New Delhi, additional report by Zeba Siddiqui, edited by William Mallard)



Amazon urges India’s antitrust agency to revoke reliance-future transaction approval

Source link Amazon urges India’s antitrust agency to revoke reliance-future transaction approval

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