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Amazon wins India's approval to invest in domestic food retail

Reuters  |  MUMBAI 

By Sankalp PhartiyalMUMBAI (Reuters) - Online retail giant Amazon.com Inc has secured approval to stock and sell food and groceries in India, potentially expanding its business in the fast-growing economy where it is in a pitched battle with home-grown rival Flipkart.Amazon confirmed winning government approval for its plan to sell food products, but it declined to provide further details.Separately, a source familiar with the matter said Amazon planned to invest $500 million in the food segment, over and above the $5 billion it had already committed to investing in India.Cheaper smartphones, ...

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First Published: Tue, July 11 2017. 11:57 IST
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