Indian antitrust watchdog has revoked the approval for Amazon’s 2019 investment in a Future Group unit and imposed a fine of about $26.3 million to the American e-commerce giant for concealing facts.
The Competition Commission of India said Amazon, which invested over $100 million in Future Coupons, suppressed the “actual purpose” and particulars of the deal and failed to notify some of its commercial arrangements.
“The conduct of Amazon in supressing relevant and material documents against the disclosure requirement under Item 8.8 of Form I is a contravention of clause (c) of sub-section (1) of Section 45 of the Act,” said CCI in a 59-page order on Friday. [H/T Reuters journalist Aditya Kalra.]
Amazon, which is required to pay the fine within 60 days, did not immediately respond to a request for comment.
The development follows Amazon warning the Indian antitrust body that revoking its 2019 deal with Future Group would send a negative signal to foreign investors and enable Reliance, the owner of India’s largest retail chain, to “further restrict competition.”