Amazon looks at picking up Catamaran Stake in 'Cloudtail Parent'
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22 December 2021, Mumbai:
Prione's business may remain the same but Cloudtail shareholding may see changes.
"Story so far"
2014: Amazon signs a 49:51 JV with Catamaran Ventures -Prione Business Services.
Cloudtail is a wholly-owned subsidiary of Prione.
2016: New FDI rules say single sellers can't account for more
than 25% of sales on a platform.
2017: Amazon sets up JV with
Patni Group which houses Appario Retail-another large seller
2019: New changes dictate that e-commerce entities or group firms can't own a stake in seller firms.
Amazon reduces stake in Cloudtail to 24% to comply
2021
Amazon and Catamaran announce in August the JV will end in May 2022
Amazon aims at 100% ownership of Prione.
SOURCE: ET Dt 23-12-2021
(The news article has not been edited by DFU Publications staff)
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