Amazon gets FIPB nod for courier service
Amazon has received approval from India’s Foreign Investment Promotion Board (FIPB) for Rs 15 crore to set up a wholly owned subsidiary to engage in “the business of online market place operator and retailer inter-alia courier services,” according to a document released by the Board. This does not mean that Amazon has received a nod for 100 percent FDI in multi-brand retail. Instead, it will only help Amazon to set up its operations and this particular investment is likely to go towards its “courier” (read distribution) services. Note that the FIPB document mentions this approval under “post” and not retail.
Hat tip to Pranjal