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Amazon invested in Future Coupons to strengthen business, unlock value

Agencies

Amazon also claimed ‘de minimis exemption’ benefit — meant for transactions involving relatively small targets — since FCL’s turnover and value of assets were low.

Synopsis

Amazon has also said the Future-Reliance transaction breaches the right of first refusal and non-compete clauses in its agreement with the Kishore Biyani-owned company.

Mumbai|New Delhi: Amazon cited strengthening the business of Future Coupons (FCL) — including marketing of loyalty and distribution cards — as well as unlocking company value as reasons for investing in it, in its application seeking approval for the investment from the Competition Commission of India last year. The US company, in the regulatory filing, had made no mention of the importance of Future Retail Ltd, in which Future Coupons is a

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