India's antitrust body suspends Amazon's 2019 deal with Future citing suppression of information

Future Enterprises

17/12/2021 12:05

NEW DELHI, Dec 17 (Reuters) - India's antitrust body on
Friday suspended Amazon.com's  AMZN.O  2019 deal with Future
Group following a review of allegations that the U.S. e-commerce
giant had concealed information while seeking regulatory
approval.
    The unprecedented step taken by the Competition Commission
of India (CCI) could have far-reaching consequences on Amazon's
legal battles with now estranged partner Future. The U.S. firm
has for months successfully used the terms of its toehold $200
million investment in 2019 to block Future's attempt to sell
retail assets to Reliance Industries  RELI.NS  for $3.4 billion.
    In a 57-page order, the CCI said it considers "it necessary
to examine the combination (deal) afresh," adding its approval
from 2019 shall "shall remain in abeyance" until then.
    Amazon had "suppressed the actual scope" of the deal and had
made "false and incorrect statements" while seeking approvals,
the CCI order added.
    

    <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
EXCLUSIVE Amazon says India revoking Future deal would boost
Reliance, hurt competition    https://reut.rs/33nMWyN
Analysis: Battle of the billionaires - Bezos, Ambani gun for
India retail supremacy    https://reut.rs/3egABPn
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 (Reporting by Aditya Kalra in New Delhi;
Editing by Euan Rocha)
 ((aditya.kalra@tr.com; +91-11-49548021; Twitter @adityakalra;))