FIPB abolition delays FDI from Amazon, Big Basket and Grofers

These companies filed request to open food-only retail stores with DIPP in January

The Foreign Investment Promotion Board (FIPB) was dissolved to expedite approvals for foreign direct investment (FDI) proposals — but, it seems to have had the exact opposite effect for food retail.

Amazon, Big Basket and Grofers, collectively planning to invest $1 billion in food-only retail in the country, had filed applications to do so in January. They are yet to receive approvals.

“With with the FIPB dissolved, there has been a little delay,” said Food Processing Minister Harsimrat Kaur Badal on Tuesday.

The FIPB has had no meeting since the Union Budget was presented on February 1. The decision on who would approve