Grofers seeks govt approval for FDI in food trading
New Delhi: Grocery delivery start-up Grofers India Pvt. Ltd has sought the government’s approval for foreign direct investment (FDI) to carry out trading in food products.
The government recently permitted 100% FDI under its approval for trading, including through e-commerce, in food products manufactured or produced in India.
As per the information on the website of the department of industrial policy and promotion, Grofers sought approval “to undertake trading including through e-commerce in food products manufactured and/or produced in India”.
Union minister Harsimrat Kaur Badal has said India’s food processing industry is expected to treble in coming years on the back of a higher economic growth. The size of the industry is about Rs.1.5 trillion.
The food processing ministry has proposed to organize the World Food Summit in 2017 that would act as a single platform for investors, technology solution providers, processors, manufacturers and all other relevant national and international stakeholders.