In 2019, Seattle-based Amazon picked up a 49 per cent stake in the Kishore Biyani-promoted Future Coupons for Rs 1,500 crore. The money was handy for Biyani in the midst of liquidity woes, while it gave Amazon an indirect holding of 3.58 per cent in Future Retail, the entity that runs Big Bazaar, Easyday, fbb, etc. The Competition Commission of India has now suspended its own approval of the 2019 deal, charging Amazon of “making false and incorrect statements” and “suppressing the actual purpose of the deal”. That, and a Rs 200-crore fine, make for an arduous climb up the reputation ladder for Amazon.
Copyright©2022 Living Media India Limited. For reprint rights: Syndications Today