Amazon to invest over $500 million in e-retail food in India, says Minister of food processing
E-commerce giant, Amazon will finally enter the online retail segment in India, Harsimrat Kaur Badal, Minister of food processing, said in New Delhi on Thursday.
Bloomberg sources quoted Badal who said that the US based e-commerce company planned to invest close to $500 million in e-retail of food.
India’s food processing sector was growing at 7.2% a year and Amazon was considering creating national food grid comprising cold chains and mega food parks, Badal added.
Shortly after, Amazon's Director of Public Policy, Ramachandra said that the company will invest $515 million in India over a period of five years.
He further said that ‘METRO Cash & Carry’ also has plans to invest in food retail in the South Asian nation.
A week ago, Amazon put out an emailed statement which read, “We are excited by government's continued efforts to encourage FDI in India for a stronger food supply chain. We have sought an approval to invest and partner with the government in achieving this vision.”
For its food-only outlets that the company was seeking government approval for would garner investments that would mount to be Rs 3,500 crore over the next five years.
Presently FDI in multi brand retail trading, in all products, has been permitted however the caveats to the norm has been termed as difficult by the companies.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Power of Compounding: How many years will it take to reach Rs 3 crore corpus if your monthly SIP is Rs 4,000, Rs 5,000, or Rs 6,000
IRCTC Dividend 2024: Railway PSU announces 200% interim dividend - Check record date and other details
Power of Compounding: Salary Rs 25,000 per month; is it possible to create over Rs 2.60 crore corpus; understand it through calculations
Reduce Home Loan EMI vs Reduce Tenure: Rs 75 lakh, 25-year loan; which option can save Rs 25 lakh and 64 months and how? Know here
New Year Pick by Anil Singhvi: This smallcap stock can offer up to 75% return in long term - Check targets
PSU Oil Stocks: Here's what brokerage suggests on these 2 largecap, 1 midcap scrips - Buy, Sell or Hold?
Power of Compounding: How many years it will take to reach Rs 2 crore corpus if your monthly SIP is Rs 3,000, Rs 4,000, or Rs 5,000
01:30 PM IST