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Three companies — Amazon Corporate Holdings Pvt Ltd, Supermarket Groceries Supplies Pvt Ltd (Big Basket), and Grofers India Pvt Ltd — have submitted proposals seeking permission to invest $695 million over a period of time for e-tailing food products, the Food Processing Ministry has said.
Of these, US-based online giant Amazon proposes to invest about $500 million, Food Processing Minister Harsimrat Kaur Badal said on Thursday.
Addressing a press conference here, Badal said Grofers and Big Basket have also submitted foreign direct investment proposals for retail trading of food products, while Metro Cash and Carry has shown interest in food retailing.
The government last year allowed 100 per cent FDI for marketing, including through e-commerce, of food products manufactured and produced in India.
The Minister said the government will soon take a decision on allowing FDI in non-food products, such as home and personal care.
The food processing sector received $5.76 billion in FDI equity inflows from 2010-11 to 2015-16. In 2016-17 (April-December), the sector received $663.23 million worth of FDI.
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