Singapore order won't impact assessment of Future-RIL deal: CCI official

NEW DELHI: The interim judgement of a Singapore arbitration court barring the Future Group from going ahead with the deal with Reliance Retail will not have a bearing on the Competition Commission of India’s regulatory assessment, an official said.The competition watchdog’s limited concern is towards the two parties involved and the deal’s impact on competition, said a CCI official.“I don’t think the arbitration in the Singapore court would have any bearing on CCI’s progress. For CCI, the picture is just the two parties involved in the deal and its impact on competition,” the official said.On September 23, RIL had sought CCI’s approval for its Rs 24,713 crore acquisition of the online and offline businesses of the Future Group in August.In an interim order on October 25, the Singapore International Arbitration Centre (SIAC) restrained the two concerned parties from going ahead with the deal.The order was based on a plea filed by Amazon claiming the deal violates the terms of its agreement with the Future Group when it acquired a 49% stake in Future Coupons for about Rs 1,500 crore in 2019.“The firm filing the combination notice with the CCI should disclose if any other firms have a first right to refusal on the stakes involved but it doesn't matter as far as the proceedings before the commission is concerned,” the official said.

from Economic Times https://ift.tt/3myqFCA