FDI proposals worth Rs 5,000 crore get government nod

Amazon Retail India, Blueair India, Supermarket Grocery and a few others have been given a nod to bring Rs 5,000 crore through foreign direct investment (FDI).
Image for representational purpose only.
Image for representational purpose only.

NEW DELHI: Amazon Retail India, Blueair India, Supermarket Grocery and a few others have been given a nod to bring Rs 5,000 crore through foreign direct investment (FDI).

All these are among the nine FDI proposals approved by the government on Thursday.

Amazon Retail, which has recently started offering retail trading of food products manufactured and/or produced in India, aims to expand the service through an additional investments of Rs  3,500 crore. It plans to set up a subsidiary company in India with 100 per cent FDI for this venture.

UK firm Supermarket Grocery’s proposal for an initial investment of Rs 105 crore in food retail business has also been approved. The firm proposes to increase the FDI to Rs 800-1,000 crore over the next 18 months, according to a note by the Department of Industrial Policy and Promotion’s  Foreign Investment Facilitation Portal.

Air purifier firm Blueair India also received the nod to invest Rs 100 crore over five years in single-brand retail trading along with its existing activity of cash & carry wholesale trading of air purifiers.

Urban Ladder Home Decor Solutions envisages investment of about Rs 97.5 crore in single-brand retail sector.

Meanwhile, the Department of Industrial Policy & Promotion portal,which comes under the commerce ministry, states that four FDI proposals, including that of BCP Advisors and Aveo Real Estate Holdings, have been rejected. About 10 FDI applications have been rejected, closed or withdrawn. FDI into the country grew nine per cent to $43.47 billion in 2016-17.

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