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Amazon clears India hurdle to exit Appario Retail, acquire majority in Frontizo

By Freny Patel ( July 24, 2024, 02:45 GMT | Insight) -- US e-commerce giant Amazon has received merger clearance from the Indian antitrust authority to relinquish its stake in Appario Retail, the largest seller on its domestic platform, to Clicktech Retail. The Competition Commission of India also approved Amazon Asia-Pacific acquiring 76 percent of the equity shares in Frontizo Business Services, the parent company of Appario, from Patni-owned Zodiac Wealth Advisors. The multi-layered intra-group transactions also includes Haverl, an investment firm, acquiring a non-controlling minority stake of one percent in the parent company of Clicktech, New Trends Commerce. Amazon has received merger clearance from the Indian antitrust authority to relinquish its stake in Appario Retail, the largest seller on its domestic platform, to Clicktech Retail....

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