Amazon is going to invest over $500 million in e-retail food in India, says Minister of food processing, Harsimrat Kaur Badal according to news published in zee news.
She also added, “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,
Amazon’s Director of Public Policy, Ramachandra also confirmed the same and said that the company will invest $515 million in India over a period of five years. he also added ‘METRO Cash & Carry’ also has plans to invest in food retail in the South Asian nation.
This investment is seen as an effect of FDI in the multi-brand retail sector. Last week 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.”