Amazon's food-only retail may stop selling on Indian website from Feb 1, says report

Updated : January 15, 2019 08:27 AM IST

Amazon Retail India Pvt Ltd, a seller of foodstuff, will stop selling on Amazon.in if the government's latest foreign direct investment (FDI) guidelines remain unchanged by February 1: report

This would be a blow for the initiative as Amazon was the only foreign retailer to have committed investment — to the tune of $500 million — in the food retail segment, said the report.

Amazon Retail India Pvt Ltd, a seller of foodstuff, will stop selling on Amazon.in if the government's latest foreign direct investment (FDI) guidelines remain unchanged by February 1, The Economic Times reported.

This would be a blow for the initiative as Amazon was the only foreign retailer to have committed investment — to the tune of $500 million — in the food retail segment, said the report.

In addition, Amazon's plan to buy a stake in Future Retail is likely to be delayed, people familiar with the matter told ET.

The government last month tightened rules for e-commerce companies, barring them from selling products of businesses in which they have a stake and laying down new conditions for sale of goods on their platforms. The rules go into effect on February 1.

A spokesperson from Amazon told the paper that the company was still evaluating the new norms.

Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know.

Published : January 15, 2019 08:27 AM IST

Amazon's food-only retail may stop selling on Indian website from Feb 1, says report

You May Also Like

Apple Event 2021 highlights: 11-in and 12.9-in iPad Pros, 24-in M1 iMac, Purple iPhone 12 launched

Creators throng to Apple's new M1 Macs as they see gains in productivity

In Pics | COVID-19 data highlights for April 20: 2.59 lakh new cases, total death toll climbs to 1.80 lakh

Trending on CNBC-TV18

recommended for you