The Competition Commission of India (CCI) approved the Rs 24,713 crore deal between Reliance Industries Limited (RIL) and Future Group. CCI gave this information by tweeting.
Reliance Retail Ventures Ltd (RRVL), a subsidiary arm of Mukesh Ambani-controlled Reliance Industries, in August this year signed a deal to acquire the majority of the business of Future Group, including retail, wholesale and logistics. American online retailing giant Amazon Inc. and Future Group are in a court battle over the same deal.
The case between Future Group and Amazon is pending before the Delhi High Court. The Future Group has filed a petition in the Delhi High Court asking that Amazon be prevented from interfering in the deal. The Delhi High Court reserved the judgment on this petition on Friday.
The court has given time till 23 November to the concerned parties to submit their written response to it. Last year, Amazon bought a 49 percent stake in Future Coupons Ltd., an unlisted company of Future Group. Under the deal, it was given the right to buy a stake in Future Retail Ltd within three years to 10 years. Amazon claimed that its contract with Future Coupons bars Future Retail from selling assets to Reliance