CCI slaps ₹202-crore penalty on Amazon, suspends approval for Future Coupons deal
The Hindu
This comes amid a bitter legal battle between Amazon and Future Group over the latter's proposed ₹24,713 crore-deal with Reliance Retail Ventures.
In a significant development, the Competition Commission of India (CCI) on Friday suspended its more than two-year-old approval for Amazon's deal to acquire stake in Future Coupons Pvt Ltd and also imposed a ₹202 crore penalty on the e-commerce major for certain contraventions.
This comes amid a bitter legal battle between Amazon and Future Group over the latter's proposed ₹24,713 crore-deal with Reliance Retail Ventures Ltd (RRVL). Against this backdrop, Future Group had complained to the CCI.
In a 57-page order, the regulator said the approval for the Amazon-Future Coupons deal "shall remain in abeyance".