U.S. retail giant Amazon’s proposed $500 million investment in retail of food products in India would soon get official nod, an official said.
The proposal was pending before the Foreign Investment Promotion Board (FIPB) which has been abolished now. Hence, the Department of Industrial Policy and Promotion (DIPP) will soon give green signal to the Amazon’s investment plan.
“With the abolition of Foreign Investment Promotion Board, the DIPP would soon announce the approval of this proposal,” a senior official in the Commerce and Industry Ministry said.
Earlier, the DIPP under the commerce and industry ministry had cleared the investment and the proposal was sent to the FIPB for the final nod. The government had received investment proposals from three companies — Amazon, Grofers and Big Basket — worth $695 million for retail of food products.
While U.S.-based retail giant Amazon is one of the major e-commerce players in India, Grofers and Big Basket are into online grocery space.
