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Friday, March 24, 2017

Amazon to invest $515 million in food retail

Amazon is planning to invest $515 million (Rs 3,370 crore) in India in next five years. Amazon wants to invest in fool retails.

Also read: MarketsandMarkets raised Rs 367 crore funding

Amazon is waiting for approval from the goverenment.

Food processing minister Harsimrat Kaur Badal said, Amazon has decided to get into e-retail of food. They are going to put up brick and mortar apart from e-retail.

He said, Foreign investors are keen too, but they also want some general merchandise, such as soaps and shampoos, to be sold through the outlets as they say food alone may not make it a viable business for them. The government has yet to accept the demand.

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