The DIPP (Dept of Industrial Policy & Promotion) also rejected 4 applications, while another 6 applications were either closed or withdrawn. DIPP uploaded the details on the foreign investment facilitation portal on Thursday, 25 August 2017.
Amazon got the proceed to set up a subsidiary company in India with 100 percent foreign direct investment to engage in the business of retail trading of food products produced locally. Its proposal is to invest Rs 3500 crore.
Grofers proposal to undertake retail trading, including via e-commerce, of food products produced or manufactured in India with 100 percent FDI, which has also been sanctioned. The cleared proposals further include MTR Foods. Grofers is also expected to bring in USD 25 million.