New Delhi: In a turn, the Competition Commission of India (CCI) has sought more information from Amazon.com Inc for its stake acquisition plan in Future Retail, sources told Reuters. The move by the antitrust body could potentially delay the deal, sources added.
Amazon in August had agreed to acquire a 49% stake in a unit of India's Future Group which owns 7.3% of Future Retail, giving the U.S.-based company a 3.58% stake in the retailer which operates more than 1,500 stores in the country.
The deal is said to aid Amazon in tapping into the booming retail market in India, as it separately boosts its e-commerce operations, offering everything from electronics to groceries on its Indian website. Future Retail runs 290 budget department and grocery stores branded "Big Bazaar".
In a notice to Amazon last month, the Competition Commission of India (CCI) said "in certain overlapping segments and areas of operation of the parties, the combined market share exceeds the threshold specified in the combination regulations", one of the sources told Reuters.
