The share price of Reliance Industries surged over 3 percent on Monday after the Competition Commission of India (CCI) approved the Rs 24,713 crore Future Group-Reliance Retail deal.

Share Market Live

NSE

The stock gained as much as 3.68 percent to Rs 1,969.35 per share on the NSE. At 9:54 am, the shares were trading 2 percent higher at Rs 1,937.80 apiece.

Meanwhile, Future Retail's shares hit the 10 percent upper circuit to trade at Rs 79.25 on the NSE.

In a tweet on Friday, the regulator said it has approved "acquisition of retail, wholesale, logistics & warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited".

Deals beyond a certain threshold require approval of the Competition Commission of India (CCI), which keeps a tab on unfair business practices across sectors.

The Future Group houses leading retail formats, including supermarket chain Big Bazaar, upmarket food stores Foodhall, and bargain clothing chain Brand Factory. The acquisition is being done as part of a scheme in which Future Group is merging certain companies carrying on the aforesaid businesses into Future Enterprises Ltd (FEL).

"These businesses operate on a pan-India basis, and include retail operations across segments such as food and grocery, apparel, footwear and accessories, other merchandise, etc," the CCI notice further said. Meanwhile, e-commerce major Amazon has opposed the deal between Future Group and Reliance.

This announcement is a setback for Amazon as it had earlier claimed that Future Group has violated its terms with the US-based e-commerce giant to sign a deal with Reliance Industries.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd. which published moneycontrol.com