Infosys founder NR Narayana Murthy is finalising his plans to enter the Indian e-commerce space with Amazon. Murthy will invest in the venture through his firm, Catamaran Ventures, states a leading daily.
According to the sources, as India does not permit FDI in e-commerce, Amazon and Catamaran have structured the venture in a manner that it does not come under FDI restrictions. For running the back-end operations, both the entities plan to form a JV where Catamaran is likely to hold a majority stake of 51 percent. The Indian subsidiary will then launch the e-commerce business, the paper mentions.
Amazon entered India last year and currently operates as a marketplace platform for others to sell.