Home Retail Amazon invests US $400 million more in its Indian arms

Amazon invests US $400 million more in its Indian arms

By  
SHARE

The US-based world’s largest e-tailer invested an additional US $400 million (Rs 2,700 crore) in two of its Indian subsidiaries, said business intelligence platform Paper.vc on Monday.

Amazon invests US 0 million more in its Indian arms
Amazon Chief Executive Jeff Bezos had earlier committed to invest a whopping US dollar 5 billion in India to cash in on the rapid growth in e-commerce business

“Our tally of Amazon’s total investment in its Indian subsidiaries, including this, is US $3.6 billion (Rs 25,241 crore),” Paper.vc founder told IANS from Chennai.

According to documents Amazon filed with the regulators at a meeting on August 6 in Bengaluru, the board of directors of Amazaon Seller Services Ltd approved allotment of 270 crore equity shares of Rs 10 face value for Rs 2,700 crore to the Singapore-based Amazon Corporate Holdings Ltd and an additional 124,753 shares to Amazon.com Incs Ltd without premium.

“The board of directors of Amazon Retail India Ltd on July 31 agreed to allot 10 crore equity shares of Rs 10 face value for Rs 100 crore to its shareholders (Amazon Corporate Holdings and Amazon.com) without premium on rights basis.

Ahead of the retail giant Walmart taking majority stake (77 percent) in India’s e-tail major Flipkart for US $16 billion in May, Amazon invested Rs 2,600 crore in its India operations.

“The Amazon board has consented to allot 260 crore shares of Rs 10 face value aggregating Rs 2,600 crore to the shareholders on rights basis in the ratio of their shareholding,” said Amazon Services Ltd in a filing with the Registrar of Companies (RoC) on May 8.

Amazon Chief Executive had earlier committed to invest a whopping US $5 billion in India to cash in on the rapid growth in e-commerce business.