Wednesday, July 28, 2021
News

Amazon invests Rs 2,600-crore more in India to take on Walmart

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Bengaluru | Wednesday, 2018 1:45:00 AM IST
World''s largest e-commerce player Amazon has invested an additional Rs 2,600 crore in its India operations ahead of the US retail giant Walmart taking over the country''s e-tail major Flipkart.

"The Amazon board has accorded consent to allot 260 crore shares of Rs 10 face value aggregating Rs 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 (RoC).

According to the Chennai-based business intelligence platform Paper.vc, which sourced the regulatory documents, the Seattle-based Amazon infused the additional capital into the Singapore-based Amazon Corporate Holdings Ltd and Amazon.com incs Ltd, which operate Amazon India e-tail business.

"Though the Board accorded consent on April 26, the regulatory filing was made with the RoC on Tuesday by Amazon Company Secretary Ankur Sharma," Paper.vc Vivek Durai told IANS on Wednesday.

Amazon Seller Services helps Indian sellers to hawk their diverse products online across India and worldwide.

Amazon Chief Executive Jeff Bezos had earlier committed to invest a whopping $5 billion in India to cash-in on the rapid growth in e-commerce.

Growing at about 30 per cent cumulative average growth rate (CAGR), the e-commerce business is projected to be about $200 billion of the gross merchandise value in a decade.

--IANS fb/ahm/

( 228 Words)

2018-05-09-01:14:08 (IANS)

 
  LATEST COMMENTS (0)
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
IL&FS invites EoI for subsidiary Ramagir...
Canara Bank net profit triples as provis...
Co-working, co-living sectors buck pande...
Global cues, pharma sector woes pull mar...
IndusInd Bank YoY Q1FY22 consolidated ne...
IndiGo's Q1FY22 net loss widens to Rs 3,...
More...
 
INDIA WORLD ASIA
Harappan city of Dholavira declared Worl...
Very heavy rains batter Delhi-NCR, north...
Himachal Governor expresses pain at natu...
Punjab CM appeals to govt employees to c...
CBI arrests BSNL officer in graft case...
Assets worth Rs 85L unearthed from a cle...
More...    
 
 Top Stories
Kisan Sansad demands repeal of Esse... 
Another Assam cop injured in border... 
'Balcony Buddies' celebrates bond o... 
Int'l flyers at Chennai airport wai... 
Old couple found trampled to death ... 
Pilot rushes to Delhi ahead of Make... 
DBSE to affiliate 30 govt schools i... 
Key Taliban member killed in clash ...