The Indian antitrust watchdog on Wednesday approved Amazon’s proposal to acquire Catamaran Ventures’ stake in Prione, which operates one of the largest sellers on the e-commerce platform, providing the American giant with the pathway to continue to operate Cloudtail in the world’s second largest internet market.
Amazon proposed the acquisition late last year, months after the American giant and Billionaire N.R. Narayana Murthy’s Catamaran said they will be discontinuing their six-year joint venture, which operates Cloudtail.
Cloudtail is one of the largest sellers on Amazon in India. Amazon earlier held a 49% stake in Prione, but diluted it down to 24% to comply with a local law that prohibits e-commerce firms from having a direct or indirect ownership in businesses that sell on their marketplaces.
An Amazon spokesperson in India did not immediate respond to a request for comment.
This is a developing story. More to follow…
