NEW DELHI: Fair trade regulator CCI on Friday said it has approved a deal wherein Samara Capital-backed Witzig Advisory Services and Amazon will acquire Aditya Birla Retail Ltd, which operates supermarket store chain 'More'.
According to the Competition Commission of India (CCI), the deal involves the acquisition of 99.99 per cent of the equity share capital of Aditya Birla Retail by Witzig and 49 per cent stake buy in Witzig by Amazon's subsidiary Amazon NV Investment Holdings LLC.
This also marks the US-based e-commerce major Amazon's second investment in the Indian brick and mortar format after it had picked up stake in the K Raheja group's retail arm Shopper Stop.
Witzig is a wholly owned subsidiary of Samara Alternative Investment Fund which is registered with the Securities and Exchange Board of India (Sebi) as category II Alternative fund.
@CCI_India approves acquisition of 99.99% of the equity share capital of Aditya Birla Retail limited (ABRL) by Witzig Advisory Services Private Limited— CCI (@CCI_India) 18 January 2019
In a notice to the regulator, Amazon said post acquiring 49 per cent in Witzig, the remaining 51 per cent of Witzig will be controlled and majority owned by Samara fund.
Last year, Witzig had announced plans to acquire Aditya Birla Retail and as per the reports, the deal is valued at Rs 4,200 crore. In September 2018, US online retail giant Amazon and Samara Capital had jointly invested in Witzig Advisory. Moreover, the e-commerce giant is in advance stage talks to acquire 9.5 per cent stake in Future Retail.