India regulator suspends Amazon.com deal with Future

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India regulator suspends Amazon.com deal with Future

India's antitrust agency suspended its approval of Amazon.com's deal with Future Group last month, potentially denying the U.S. e-commerce giant's attempt to block the sale of Future's retail assets to an Indian market leader.

The suspension has jolted Amazon as it led to a halt to the arbitration proceedings between the two sides in a long-running commercial dispute.

Amazon has long argued that Future violated the terms of its 2019 deal in order to sell retail assets to market leader Reliance Industries, and the U.S. company's position has so far been backed by the Singapore Arbitrator and Indian courts. Future denies any wrongdoing.

The Competition Commission of India CCI suspended the deal last month, saying Amazon suppressed information while seeking clearances for the deal back then.

Amazon filed an appeal against CCI's decision on Saturday night at India's National Company Law Appellate Tribunal, the two sources said.

One person said the appeal will be heard later this week.

Amazon didn't respond immediately to a request for comment. The CCI did not respond.