NEW DELHI: The government approved 10 foreign direct investment proposals likely worth about Rs 5,000 crore for food product and single brand retail trading, including those of Amazon Grofers and Urban Ladder. Its proposal is to invest Rs 3,500 crore. Grofers’ 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.The cleared proposals also include MTR Foods. Grofers is likely to bring in $25 million (Rs 160 crore) while Supermarket Grocery is investing Rs 105 crore and subsequently bringing in Rs 800-1,000 crore in the next 18 months. AMC International will invest Rs 10 lakh, while Urban Ladder will bring in $15 million (Rs 96 crore) and Blueair India Rs 100 crore.

Source: Economic Times August 24, 2017 18:45 UTC