Comments
Prione Business Services, the joint venture between Catamaran and Amazon, will be acquired by Amazon subject to requisite regulatory approvals, the company said in a statement.
On August 9, the partners had announced their decision to not continue the JV beyond the end of its current term of May 2022. Amazon will acquire Catamaran’s shareholding in Prione in compliance with applicable laws including all assets and liabilities.
Also see: Amazon may not renew venture with Patni group
The businesses of the joint venture shall continue under the leadership of the current management and, on receipt of regulatory approvals, the board of Prione & Cloudtail (a wholly-owned subsidiary of Prione) will take steps to complete the transaction in compliance with applicable laws, the company said in a statement.
Cloudtail has been one of the largest sellers on the Amazon India marketplace.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.