BENGALURU: Shares in Future Retail Ltd surged 13per cent on Friday, after India's antitrust body approved a deal that would give Amazon.com Inc a minority stake in one of the country's top retail groups.
In a brief statement on Thursday, the Competition Commission of India said it had approved Amazon's purchase of a 49per cent stake in Future Coupons Ltd, an entity that owns about 7.3per cent of Future Retail, adding that it would soon provide a detailed order. Last year, Amazon and Indian private equity firm Samara Capital announced a joint investment in an entity that would give Amazon a stake in local supermarket chain More.The Seattle-headquartered firm also owns a stake in Indian department store chain Shopper's Stop.
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