CAIT urges CCI to block Amazon’s deal to acquire 100% stake in Cloudtail
National traders body CAIT said on Friday it had filed a petition with the Competition Commission of India (ICC) to block the deal Amazon has struck in which they will acquire a 100% stake in Cloudtail.
The petition provides evidence to show that Cloudtail charges less fees/commissions and is a preferred seller on the platform, and with its 100% acquisition, Amazon will cause a negative effect on the market, the Confederation of All Trades alleged. Indian Traders (CAIT) in a statement.
“CAIT today filed a petition with the Competition Commission of India seeking to block the transaction entered into by Amazon in which they will acquire a 100% stake in Cloudtail,” he said. added. The proposed deal raises some concerns from a competition law perspective, he said.
Earlier it was reported that Amazon was seeking regulatory approval to acquire Catamaran Venture’s entire stake in Prione Business Services, which is home to Cloudtail, one of the biggest sellers on the Indian platform of the big e-commerce business.
Catamaran, the investment office of Infosys co-founder NR Narayana Murthy and Amazon led by Jeff Bezos, announced the proposed deal, subject to regulatory approval, in a joint statement.
“Amazon has filed with the Competition Commission of India (ICC) seeking clearance to purchase Catamaran’s stake, which will give it a 100% stake in Prione,” a person familiar with the matter said. the case.
(Only the title and image of this report may have been edited by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)