FILE PHOTO: A security personnel walks past the Big Bazaar retail store in Mumbai June 9, 2012. REUTERS/Vivek Prakash
Future Retail in August announced the deal that would result in the U.S. online retail giant acquiring a 3.58% stake in the company, which runs over 1,500 stores in India and owns budget department store chain Big Bazaar. In a brief statement on Thursday, the Competition Commission of India said it had approved Amazon’s purchase of a 49% stake in Future Coupons Ltd, an entity that owns about 7.3% of Future Retail, adding that it would soon provide a detailed order.