NewDelhi : Fair Trade watchdog Competition Commission of India (CCI) has approved the acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Mukesh Ambani controlled Reliance Retail Ventures (RRVL).
“Commission approves acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited” twitted CCI.
With this acquisition, Reliance Retail will now have access to close to 1,800 stores across Future Group’s Big Bazaar, FBB, Easyday, Central, Foodhall formats, which are spread in over 420 cities across India.
In October, global retail giant Amazon had won an injuction from a Singapore based arbitration panel to halt the deal. Amazon had alleged violation of certain contract provisions by Future group.
RRVL, in August, announced the acquisition of the Retail & Wholesale Business and the Logistics & Warehousing Business from the Future Group for INR 24,713 crore