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CCI accuses Amazon of concealing facts in deal for Future Group unit
TIWN
CCI accuses Amazon of concealing facts in deal for Future Group unit
PHOTO : TIWN

Mumbai, July 22 (TIWN) The Competition Commission of India (CCI) has accused Amazon.com Inc of concealing facts and making false submissions when it sought approval for a 2019 investment in a Future Group unit, a global news wire reported.

Amazon has argued that terms agreed upon in its 2019 deal to pay $192 million for a 49% stake in Future's gift voucher unit prevent its parent, Future Group, from selling its Future Retail Ltd business to Reliance. In the letter dated June 4, the Competition Commission of India (CCI) said Amazon hid factual aspects of the transaction by not revealing its strategic interest in Future Retail when it sought approval for the 2019 deal.

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