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Amazon FDI request gets GOI approval

Amazon FDI request gets GOI approval

By Kunal Dua | Updated: 5 June 2012 18:38 IST

Highlights

The Indian government today approved an Amazon request to setup a wholly owned subsidiary in India

The Indian government today approved an Amazon request to setup a wholly owned subsidiary in India. In a request filed with GOI, Amazon Asia-Pacific Resources Pvt. Ltd., Singapore had requested permission to "set up a Wholly Owned Subsidiary to undertake the business of online market place operator and retailer inter-alia courier services". According to a press release issued by the Government, Amazon plans to invest Rs. 15 crores for setting up its operations.

The approval comes days after Amazon entered the Indian market with Junglee.com. While Junglee.com launched as a price comparison site-cum-marketplace, this approval could pave the wave for Amazon to setup its own fulfillment centers in India.

Amazon is the world's largest online retail company with over 30 million customers across 9 countries and over $48 billion in 2011 reveune.

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