Shares of Future group companies surged on Friday after the Competition Commission of India (CCI) approved Amazon.com NV Investment Holdings' proposal to acquire about 49 percent share in Future Coupons, a Future Retail promoter group company.

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Future Retail and Future Enterprises rallied over 18 percent each on the Bombay Stock Exchange.

The proposed combination consists of certain other constituent steps involving Future Coupons Ltd (FCL), Future Corporate Resources Pvt Ltd (FCRPL), and Future Retail Ltd (FRL).

Amazon.com NV Investment Holdings is a direct subsidiary of Amazon.com, Inc (ACI) and belongs to the Amazon group.

Future Coupons is a subsidiary of Future Group, which owns 7.3 percent of Future Retail, operator of 295 Big Bazaar stores and about 1,600 neighbourhood grocery stores.

Future Group is expected to get a big boost in the online retail space through the deal while Amazon will expand its presence in India’s offline retail.

FCL is principally engaged in marketing and distribution of corporate gift cards, loyalty cards and reward cards to corporate customers.

FCRPL is engaged in the business of management consultancy services and trading in goods and services and also has investments in various Future Group of companies.

First Published:Nov 29, 2019 11:31 AM IST