Asia Bizz: Online shopping giant, Amazon.com, has recently got the green signal from the Indian government for setting up a wholly owned subsidiary in India. The request was filed by Amazon Asia-Pacific Resources Pvt Ltd. Singapore with the Government of India.
The company has requested to set up a wholly owned subsidiary to undertake the business of the online market operator, as well as retailer inter alia courier services. A press release was issued by the government, which stated that Amazon plans to invest Rs 15 crore for setting up its operations in the Asian nation.
The approval from the Indian government has come days after the company entered the market with Junglee.com. After the approval for Amazon in the online market place in India, it is expected that this many lead to the approval of fulfillment centres in India.
Amazon is the world’s largest online retail company with more than 30 million customers across nine countries with a revenue of more than $48 billion in the year 2011.