Amazon intended Future Group (FRL) to withdraw complaints filed with Competition Commission of India (CCI)

Amazon intended Future Group (FRL) to withdraw complaints filed with Competition Commission of India (CCI)

22 November 2021, Mumbai:

In a meeting held about a month ago between executives from both companies, people familiar with the matter said Amazon had also asked Future Group for generous compensation in return for withdrawing its objections to the Reliance deal.

The six-hour meeting was attended by Future Group's founder Kishore Biyani and other officials, while Amazon India's legal head Rakesh Bakshi and other executives represented the US giant.

Future Retail customers to save Rs 1,500 cr from efficiency gains: Rakesh  Biyani

Amazon last month asked Future Group to withdraw its applications, which accuse the US company of flouting foreign investment and Foreign Exchange Management Act (FEMA) rules by misrepresenting facts, from the Competition Commission of India, said people familiar with the matter.

This withdrawal was meant to be a prelude to a possible out-of-court settlement over the dispute that has arisen between the two companies over the proposed sale of Future's retail assets to Reliance Retail.

Amazon scores big win as India court stalls Future's $3.4 bln retail deal |  Reuters

In a meeting held about a month ago between executives from both companies, people familiar with the matter said Amazon had also asked Future Group for generous compensation in return for withdrawing its objections to the Reliance deal. The six-hour meeting was attended by Future Group's founder Kishore Biyani and other officials, while Amazon India's legal head Rakesh Bakshi and other executives represented the US giant. ET

(The news article has not been edited by DFU Publications staff)

CCI issues cease and desist order against firms guilty of bid rigging,  cartelization in FCI tenders - BusinessToday

 

Dear Reader, we at DFU Publications are committed to providing the latest news updates on trade development and insights, to keep our readers informed. Stay tuned. Subscribe to our newsletter.  

 

TOP 5:

1. Flipkart, an Indian e-commerce company, collaborates with PUMA on the ‘1DER' line, which features batsman KL Rahul

2. Consumers will determine growth of sustainable fashion e-comm in India

3. Myntra to offer 1 mn styles from about 7,000 brands at the 'Big Fashion Festival'

4. Maharashtra government honors VIP as 'Best Innerwear Brand' for 2021-22

5. Nike strengthens retail presences with new store at DLF Mall of India,Noida

 

Return to homepage

Author’s Posts

Related Articles