In a huge sigh of relief for its shareholders, The Competition Commission of India (CCI)approved the Future Group-Reliance Retail deal.
A keenly awaited good news..
Following the approval, Reliance Retail will now have access to about 1,800 stores across Future Group's Big Bazaar, FBB, Central, Easyday, Foodhall formats, spread over 420 cities in India.
In the tweet, CCI informed that : "Commission approves acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited"
A look at the story..
Reliance Industries Ltd had in August, announced the acquisition of Kishore Biyani's Future Group for ₹24,713 crore, to strengthen their fast growing retail business. Foreseeing danger, Amazon sprung into action and accused Future retail of contract breach and the deal was put on hold by the Singapore arbitration court.
Following the interim decision, Amazon wrote to CCI and Securities and Exchange Board of India (SEBI) to consider the matter and CCI have come up with their decision, which by no means favour Amazon.
Bottom line: Well, Bezos might be the richest man in the world. But, there is only one king in the Indian market!