(ET)
The government approved 10 foreign direct investment proposals likely worth about Rs 5,000 crore for food product and single brand retail trading, including those of Amazon, Grofers and Urban Ladder. Department of Industrial Policy and Promotion (DIPP) also rejected four applications, while another six were either closed or withdrawn. DIPP uploaded the details on the foreign investment facilitation portal on Thursday.
Amazon got the go ahead to set up a subsidiary company in India with 100 per cent FDI “to engage in the business of retail trading of food products manufactured or produced locally”. Its proposal is to invest Rs 3,500 crore. Grofers’ proposal “to undertake retail trading, including through e-commerce, of food products manufactured or produced in India with 100 per cent FDI” has also been approved.
