Competition Commission approves sale of Aditya Birla’s More supermarket chain to Amazon.
Sale valued at INR42bn (US$588.2m)
The Competition Commission of India has recently allowed the sale of More supermarket chain to proceed. The chain will be sold to Witzig Advisory Services, a joint partnership between Amazon and Samara Capital, for more than INR42bn. Samara Capital, an Indian investment fund, will own 51% of the chain, while Amazon will have a 49% stake of the business.
Although the CCI has approved the deal, Witzig must still ensure that it is compliant to the new Foreign Domestic Investment rules that were announced recently. It remains unclear how Amazon plans to integrate More’s operations into the Amazon India platform.
A possibility is for Amazon to treat the acquisition purely as an investment and to maintain separate operations. If this is chosen, the integration with More supermarket can take place if there are future policy revisions.
The retailer currently has more than 530 supermarkets and 20 hypermarkets spread across India.
Find out more information about More supermarkets here.