As per an Economic Times report, India's antitrust body, the Competition of India(CCI) hasapproved oil-to-telecom giant Reliance Industries' bid to buy Future group's retail assets even though Amazon opposed the potential deal, alleging contractual violations by the latter.
The approval is a setback for US giant Amazon, which has argued that a 2019 agreement it inked with Future prevented the Indian group from selling its retail assets to certain parties, including Reliance - led by Asia's richest man, MukeshAmbani.
Amazon has also approached the country's market regulator Securities and Exchange Board of India (SEBI), urging it to consider the arbitration order and not approve the deal.
However, Future Retail, said the agreement in question was not with the company, but with the company's largest shareholder and 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.