New Delhi, March 9 (SocialNews.XYZ) The Competition Commission of India (CCI) on Wednesday approved the acquisition of Prione Business Services by e-commerce firm Amazon.
Notably, Prione Business Services, is a joint venture between Catamaran and e-commerce firm Amazon.
In a tweet on its official handle, CCI said: "Commission approves acquisition of Prione Business Services Private Limited by Amazon Asia-Pacific Resources Private Limited."
Founded in mid-2014, Prione Business Services provides digital and internet services to Indian small and medium sized businesses, while Catamaran is a venture capital and private equity investing firm.
Earlier, the two firms announced their decision to not continue the joint venture beyond the current term to be ended in May 2022.
Consequently, Amazon said it will acquire Catamaran's shareholding in Prione in compliance with applicable laws including all assets and liabilities.
Source: IANS
About Gopi
Gopi Adusumilli is a Programmer. He is the editor of SocialNews.XYZ and President of AGK Fire Inc.
He enjoys designing websites, developing mobile applications and publishing news articles on current events from various authenticated news sources.
When it comes to writing he likes to write about current world politics and Indian Movies. His future plans include developing SocialNews.XYZ into a News website that has no bias or judgment towards any.
He can be reached at gopi@socialnews.xyz