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Government gives go-ahead for 5,000 crore FDI proposals

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The government has given the go-ahead for 10 FDI proposals that have a potential worth of Rs 5,000 crore for food product and single brand retail trading, including those of Amazon, Grofers and Urban Ladder.

Department of Industrial Policy and Promotion also rejected four applications, while another six were either closed or withdrawn.

Amazon, which proposes to invest Rs 3,500 crore, got the go ahead to set up a subsidiary company in India with 100 per cent FDI “to engage in the business of retail trading of food products manufactured or produced locally”.

Grofers’ Rs 160 crore proposal “to undertake retail trading, including through e-commerce, of food products manufactured or produced in India with 100 per cent FDI” has also been approved.