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Amazon to acquire JV Prione Business Services
December 23, 2021
Amazon said it will acquire Prione Business Services its joint venture firm with Catamaran, subject to requisite regulatory approvals. In August, Amazon and NR Narayana Murthy’s Catamaran had announced that they will continue their joint venture, Prione Business services, beyond May 2022.
Amazon said in a statement, “Prione Business Services PVT Ltd. The joint venture between catamaran and Amazon will be acquired by Amazon subject to requisite regulatory approvals. Amazon will acquire Catamaran’s shareholding in Prione in compliance with applicable laws including all assets and liabilities”.
The businesses of JV will continue under the leadership of the current management and on receipt of regulatory approvals, the board of Prione and cloudtail will take steps to complete the transaction in compliance with applicable laws, it added.
Prione Business Services was formed in 2014 and was coming up for renewal on May 19, 2022. Amazon and Catamaran had not disclosed the reason behind the decision.
In 2018, the government has introduced stricter norms for e-commerce marketplaces with foreign investments, mandating that they do not sell products of their group companies on their platforms.
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