Amazon seeks govt permission to set up food e-retail venture in India; spend $500 million

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A report in the Economic Times said that Amazon has “applied to the government to invest $500 million in a wholly-owned venture in India” which will allow it “stock locally produced food items and sell them online”.

Should Amazon recieve government’s permission, it will become the first foreign retailer to enter the segment, the ET said.

“We are excited by the 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,” an Amazon spokesperson told ET.

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