The legal battle between Amazon and Future Group was going on for over two years in various courts in India.
Share price of Reliance Industries (RIL) jumped over 3 per cent during afternoon trade on Monday after the Competition Commission of India (CCI) approved the company’s proposed acquisition of retail, wholesale, logistics and warehousing businesses of Future Group.
Future Group shares were also in heavy demand, rising up to 10 per cent.
After rising by 3.72 per cent to Rs 1,970 on the BSE, the shares or RIL were trading at Rs 1,959.80, up 3.19 per cent.
Similarly, on the NSE, RIL was trading 3.14 per cent higher at Rs 1,959.20.
Shares of Future Retail also surged on Monday. Currently, its stock price on the BSE is at Rs 79, higher by or 9.95 per cent from its previous close.
On the NSE, it was at Rs 79.25, up by 9.99 per cent.
In a tweet on Friday, the regulator said it has approved “acquisition of retail, wholesale, logistics and warehousing businesses of Future Group by Reliance Retail Ventures Limited and Reliance Retail and Fashion Lifestyle Limited”.
Despite Amazon’s objections, the antitrust body has cleared the Future-Reliance deal and the development has given a boost to the investor sentiments.