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Amazon Buys 49% Stake In Future Coupons
Amazon, online market place firm, has acquired 49% stake in Future Coupons, a promoter group firm of Future Retail. In November 2019, the Competition Commission of India has granted approval to Amazon for buying stake in Future Coupons. In its order CCI said, "The proposed combination pertains to the acquisition by the acquirer (Amazon.com NV Investment Holdings) of approximately 49 percent of the voting and non-voting equity shares of the target (Future Coupons Ltd)".
Future Coupons has 7.3% stake in Future Retail, which implies Amazon will indirectly hold 3.58% stake in Future Retail. In August 2019, the promoter companies' of Future Group signed an agreement with Amazon.
Through the tie-up, the companies look at clocking revenue of $1 billion over a period of next two to three years. Funds received from Amazon will be used by the company for paring its debt portfolio.
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