Amazon to invest US$515m

Badal (in the centre) addressing the press conference on FDI proposals in the Food Processing sector, in New Delhi on March 23, 2017. Badal is joined by the Minister of State for Food Processing Industries, Niranjan Jyoti and the Principal Director General (M&C), Press Information Bureau, A.P. Frank Noronha is also seen.

#Amazon India is seeking an approval to invest over US$500 million for e-retail of food products in India over a period of five years, #Union Minister for Food Processing #Harsimrat Kaur Badal said.

Amazon had filed its application with the #Department of Industrial Policy and Promotion (DIPP) to enter food retailing.

“Amazon has decided to invest close to $515 million in the food retail sector. It is good news for the country,” said Badal.

Last year, the government allowed 100% Foreign Direct Investment (FDI) for marketing, including through ecommerce, of food products manufactured and produced in India.

“We have sought an approval to invest and partner with the government in achieving this vision,” the Deccan Herald quoted a company statement.

The Indian e-commerce is worth Rs.30 lakh crore, according to industry estimates. fii-news.com