Online grocery firm Grofers today said it has received government nod for retailing food products in India and will invest USD 40 million to expand operations in the country. Grofers was the first company to seek in August last year approval under the new policy notified by the Department of Industrial Policy and Promotion (DIPP), it said. The government had received investment proposals worth USD 695 million from three companies -- Amazon, BigBasket and Grofers after 100 per cent FDI was allowed for retailing food products manufactured and produced in India. While Amazon alone accounted for over USD 500 million of this, Grofers is believed to have sought approval for FDI worth about USD 25 million. "Food and food products account for 70 per cent of Grofers' sales.

Source: dna July 26, 2017 13:18 UTC