The country’s competition watchdog Competition Commission of India (CCI) on Tuesday approved Nippon Express’s proposed acquisition of 22 per cent stake in Kishore-Biyani-led Future Supply Chain for Rs 641 crore.
This is the second time in two weeks that the CCI has given its nod to foreign investment in a Future group company.
On November 28, the CCI had approved Amazon’s proposed Rs 1,500-crore deal to acquire 49 per cent stake in Future Coupons, a Future Retail promoter entity. The transaction will give Amazon a 3.5 per cent stake in Future Retail. In a statement to the exchanges, Future Supply Chain said, “The proposed combination pertains to the acquisition by Nippon Express of about 22 per cent of the total issued and paid-up share capital of Future Supply Chain on a fully diluted basis.”
Singapore-based Nippon Express will buy 14.6 per cent stake of the existing share capital held by special situations fund SSG Capital in Future Supply Chain.
Source: Business-Standard