26 C
Panjim
Saturday, November 28, 2020

Competition Comm clears Reliance-Future Group deal

Must read

COVID19:  150 new infections, one dead

Panaji: Goa's coronavirus caseload went up by 150 and reached 47,491 on Friday,  a health department official said. The death toll mounted to 686 as...

Church body urges Goa govt to keep tourism policy on hold

  Panaji: The Centre for Responsible Tourism (CRT), a body affiliated to the Goa Church, on Friday appealed to the state government to keep the...

SP has to take action against PI Porvorim and constable: Rohan Khaunte

Porvorim: Independent MLA Rohan Khaunte said that the Superintendent of Police (North) has to act against Porvorim Police Inspector and a male constable who...

AAP gets a thrust in Pernem, Locals joined in large numbers

Pundalik Dhargalkar who is the independent candidate for the ensuing Zilla Panchayat elections from Dhargal constituency today officially joined the Aam Aadmi Party with...
- Advertisement -
New Delhi, Nov 21 The Competition Commission has approved Reliance’s proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group.
The Rs 24,713 crore deal that would boost Reliance Industries’ fast growing retail business was announced in August.
In a tweet on Friday, the regulator said it has approved “acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited”.
Deals beyond a certain threshold require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.
As per the notice submitted to the CCI, there are at least seven target entities. They are Future Enterprises, Future Consumer Ltd, Future Lifestyle Fashions Ltd, Future Retail Ltd, Future Market Networks Ltd, Future Supply Chain Solutions Ltd and Futurebazaar India Ltd and its subsidiaries.
“The Transferor Companies consists of several listed and unlisted companies, primarily engaged in retail, wholesale, logistics and warehousing businesses.
“These businesses operate on a pan-India basis, and include retail operations across segments such as food and grocery, apparel, footwear and accessories, other merchandise, etc,” the notice said.
Meanwhile, e-commerce major Amazon has opposed the deal between Future Group and Reliance.
Last year, Amazon bought 49 per cent stake in one of Future Group’s unlisted firms, with the right to buy into the listed flagship Future Retail Ltd. Amazon has claimed that its contract with the unlisted Future Coupons Ltd barred a transaction with a number of persons and companies, including Reliance.
- Advertisement -

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

COVID19:  150 new infections, one dead

Panaji: Goa's coronavirus caseload went up by 150 and reached 47,491 on Friday,  a health department official said. The death toll mounted to 686 as...

Church body urges Goa govt to keep tourism policy on hold

  Panaji: The Centre for Responsible Tourism (CRT), a body affiliated to the Goa Church, on Friday appealed to the state government to keep the...

SP has to take action against PI Porvorim and constable: Rohan Khaunte

Porvorim: Independent MLA Rohan Khaunte said that the Superintendent of Police (North) has to act against Porvorim Police Inspector and a male constable who...

AAP gets a thrust in Pernem, Locals joined in large numbers

Pundalik Dhargalkar who is the independent candidate for the ensuing Zilla Panchayat elections from Dhargal constituency today officially joined the Aam Aadmi Party with...

District Court stays conviction of Ramesh Tawadkar

Panaji: The District and Sessions Court, Margao on Friday stayed the order of conviction of the Judicial Magistrate First Class, Canacona  passed recently in...