Competition Commission of India approves Reliance-Future Deal, a shock to Amazon

Competition Commission of India approves Reliance-Future Deal, a shock to Amazon

New Delhi: The Competition Commission of India (CCI) approved the Rs 24,713 crore deal between Reliance Industries and Future Group . The deal was signed by Reliance Group in August to acquire the retail, wholesale, warehousing and logistics business of Future Group. CCI tweeted on Friday, "The deal was approved for the acquisition of Reliance Retail Ventures Ltd and Reliance Retail & Fashion Lifestyle Ltd of Future Group's retail, wholesale, warehousing and logistics business." Deals require CCI approval. The CCI acts as a regulator to monitor unfair trade activity in the market and to maintain competition.


However , the US e-commerce company has initiated legal actions against the Future-Reliance deal . The case between Future Group and Amazon is pending before the Delhi High Court. The Delhi High Court on Friday reserved its judgment on Future Group's plea to ban Amazon from interfering in the deal. 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 the group. It also acquired the right to buy a stake in the group's listed company Future Retail Limited earlier. Amazon claims its deal with Future Coupons prevents the group from dealing in Future Retail.


Burger King IPO to open on December 2, bidding range Rs 59-60 per share

Burger King IPO to open on December 2, bidding range Rs 59-60 per share

Mumbai. The IPO of the restaurant chain Burger King will hit the capital market on December 2 and the price range for bidding shares under the company's initial public offering (IPO) is Rs 59-60 per share. The company said in a virtual conference to raise investment that the US subsidiary of US-based Burger King will raise Rs 810 crore under the proposed IPO. It will issue new shares worth Rs 450 crore.

The company said that its promoter unit QSR Asia will sell up to 60 million shares, valued at around Rs 360 crore. The company raised Rs 58.08 crore through rights issue and Rs 91.92 crore through preferential allocation as part of pre-IPO planning.

Burger King India CEO and board member Rajeev Verma told PTI that the issue of new shares had come down from Rs 600 crore to Rs 450 crore. The company said that the funds raised through the IPO would be used primarily to expand company-owned stores across the country and to repay debt.