ETtechBengaluru: The Competition Commission of India (CCI) has cleared Amazon’s proposal to acquire Catamaran Ventures’ entire stake in Prione Business Services, which houses Cloudtail, one of the largest sellers on the ecommerce major’s Indian platform. On Wednesday, the CCI said on Twitter that it had approved the transaction.
ET reported on December 22 that Amazon had sought the anti-trust regulator’s nod for the deal.
Top Amazon India executives are expected to hold a meeting on the matter on Thursday, sources aware of the developments said.
In December, Catamaran — the investment office of Infosys co-founder NR Narayana Murthy — and Jeff Bezos-led Amazon announced the proposed deal in a joint statement.
In 2019, in order to comply with the new foreign direct investment regulations for ecommerce, Amazon had been forced to reduce its stake in Prione from 49% to 24%, with Catamaran owning the rest.
ET reported on December 22 that Amazon had sought the anti-trust regulator’s nod for the deal.
Commission approves acquisition of Prione Business Services Private Limited by Amazon Asia-Pacific Resources Privat… https://t.co/b3w0LyRwa8
— CCI (@CCI_India) 1646829886000Top Amazon India executives are expected to hold a meeting on the matter on Thursday, sources aware of the developments said.
In December, Catamaran — the investment office of Infosys co-founder NR Narayana Murthy — and Jeff Bezos-led Amazon announced the proposed deal in a joint statement.
In 2019, in order to comply with the new foreign direct investment regulations for ecommerce, Amazon had been forced to reduce its stake in Prione from 49% to 24%, with Catamaran owning the rest.
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