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CCI approves Amazon subsidiary acquiring Aditya Birla Retail
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SME Times News Bureau | 19 Jan, 2019
The Competition Commission of India (CCI) on Friday approved the
acquisition of India's fourth largest supermarket chain -- Aditya Birla
Retail Ltd (ABRL) -- by Witzig Advisory Services Private Ltd (WASPL) and
also the acquisition of 49 per cent of its stake by an Amazon
subsidiary.
"CCI approves acquisition of 99.99 per cent of the
equity share capital of Aditya Birla Retail Limited (ABRL) by Witzig
Advisory Services Private Limited," the CCI tweeted.
The fair
trade regulator also gave approval to Amazon.com NV Investment Holdings
LLC, a subsidiary of US online retail giant Amazon, for acquiring 49 per
cent stake in Witzig Advisory Services, a joint venture controlled by
private equity firm Samara Capital.
"CCI approves acquisition of
49 per cent equity share capital of Witzig Advisory Services Private
Limited by Amazon.com NV Investment Holdings LLC," it said in another
tweet.
The twin approvals by the country's anti-monopoly watchdog
comes within a month of Centre tightening the norms for foreign direct
investment (FDI) in e-commerce.
On December 26, 2018, the
government revised the rules banning the sale of goods produced by an
entity in which an e-commerce venture has a stake on its online
platform. It also barred e-commerce venture from controlling inventory
on its platform.
ABRL is the retail arm of $44-billion Aditya
Birla Group. The company is into food and grocery retail sectors under
the brand 'More' with two formats - Supermarket and Hypermarkets, as per
its website.
Currently, it has 532 supermarkets and 20 hypermarkets across India.
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