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Amazon infuses additional $400 mn into India operations

20
Aug '18
US e-tailer Amazon has invested an additional $400 million (₹2,700 crore) in two of its Indian subsidiaries, according to business intelligence platform Paper.vc. This takes Amazon’s total investment in its Indian subsidiaries to $3.6 billion (₹25,241 crore), Paper.vc founder Vivek Durai told a news agency. Amazon has been infusing funds into its various Indian entities.

These investments are on building warehouses, strengthening logistics and increasing product assortment.

As per documents Amazon filed with the regulators at a meeting on 6 August in Bengaluru, the board of directors of Amazon Seller Services Ltd approved allotment of 270 crore equity shares of ₹10 face value for ₹2,700 crore to the Singapore-based Amazon Corporate Holdings Ltd and an additional 124,753 shares to Amazon.com Incs Ltd without premium, according to Indian media reports.

Ahead of the retail giant Walmart taking majority stake (77 percent) in India's e-tail major Flipkart for $16 billion in May, Amazon invested ₹2,600 crore in its India operations.

“The Amazon board has consented to allot 260 crore shares of ₹10 face value aggregating ₹2,600 crore to the shareholders on rights basis in the ratio of their shareholding," said Amazon Services Ltd in a filing with the Registrar of Companies on 8 May this year.

Amazon chief executive officer Jeff Bezos had earlier committed to investing $5 billion in India to cash in on the rapid growth in e-commerce business. (DS)

Fibre2Fashion News Desk – India


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