New Delhi: The government has approved nine FDI proposals, including that of Amazon Retail India, envisaging foreign investments of about Rs5,000 crore. According to the DIPP’s (Department of Industrial Policy and Promotion) Foreign Investment Facilitation Portal, four foreign direct investment proposals, including BCP Advisors and Aveo Real Estate Holdings, have been rejected.
Amazon Retail has proposed investments of Rs3,500 crore for setting up subsidiary company in India with 100%FDI to engage in the business of retail trading of food products manufactured and/or produced in India. Similarly, Supermarket Grocery also proposes initial investment of Rs105 crore in food retail business.
Subsequently, it proposes to raise the FDI to Rs800-1,000 crore in the next 18 months. Blueair India got approval to invest Rs100 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 Solution envisages investment of $15million (about Rs97.5 crore) in single brand retail sector.
As many as 10 FDI applications have been either rejected or closed or withdrawn. Earlier this month, Commerce and Industry minister Nirmala Sitharaman had informed the Parliament that 99 foreign direct investment proposals were pending in various ministries and departments. FDI into the country grew 9% to $43.47 billion in 2016-17.