Amazon raises investment in India to $26b by 2030
Monday, 26 June 2023
NEW DELHI, June 25 (Reuters): Amazon.com Inc said on Friday it will take its investments in India to $26 billion by 2030, adding $6.5 billion in new planned investments in an announcement made after CEO Andy Jassy met Prime Minister Narendra Modi in the United States.
Though Jassy gave no breakdown, the announcement follows Amazon's cloud computing unit Amazon Web Services (AWS) saying last month it will invest 1.06 trillion rupees ($12.9 billion) in the country by the end of 2030.
Earlier, Amazon had announced a $6.5 billion investment plan, largely to boost its e-commerce business where it competes with Walmart's Flipkart and billionaire Mukesh Ambani's Reliance Retail.
The new investment amount committed now comes to around an additional $6.5 billion.
The e-commerce giant's announced investment during Modi's trip adds to other companies, including US semiconductor toolmaker Applied Materials and memory chip firm Micron Technology, which have made commitments during the Indian prime minister's state visit.