On November 28, 2019, CCI approved an acquisition of 49% shareholding in Future Coupons Private Limited (‘FCL’) by Amazon.com NV Investment Holdings LLC (‘Amazon NV’).^[1] The transaction also involved certain intra-promoter group transactions between FCL, Future Corporate Resources Private Limited (‘FCRPL’) and Future Retail Limited (‘FRL’).

The Amazon group and the FCL group are both engaged in B2B and B2C retail in India. CCI assessed the competition dynamics (including market shares) at the retail market level, separately for the organized segment, and its narrower segments, and found no competition concerns.

It also analyzed vertical overlaps between the parties in B2B sales, digital payments, online marketplaces, and the sale of Amazon-branded devices, where the Amazon group was active. However, because of the parties’ marginal presence in these markets and the lack of any direct or exclusive commercial arrangement between them, CCI found that the vertical relationships did not raise any competition concerns. It accordingly found that the transaction is unlikely to cause an AAEC in India.

[1] Combination Registration No. C-2019/09/688.