New Delhi: E-commerce giant Amazon is reportedly planning to open brick-and-mortar food outlets in India.
As per a report in the Economic Times the retail giant has taken permission from the Indian government to open “food-only outlets combined with an online platform to sell locally produced food items”.
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The newspaper report also added that Amazon will enter India via Amazon Corporate Holding Pvt Ltd (holding 99 percent of the proposed entity) and the rest owned by Amazon.com Inc, Mauritius.
The subsidiary seeks to invest “Rs 3,500 crore over the next five years and sell third-party or its own private labels of locally produced and packaged food products,” the paper further said.
ET quoting an Amazon spokesperson two weeks ago had 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," told ET.
“Amazon plans to invest $500 million over five years and could start selling locally-produced food items within six months of obtaining approval,” ET quoting the source had added.
