Amazon to invest another $3 bn in India: Jeff Bezos

Amazon founder and chief Jeff Bezos
The US-based global e-commerce major had pledged another $3 billion investment in India as it bets big on the $14 billion e-retail space in the country that’s projected to grow to $55 billion by 2018.

“We have already created some 45,000 jobs in India and continue to see huge potential in the Indian economy,” said Jeff Bezos, Founder and CEO of at an gala hosted by the US-India Business council for visiting Indian Prime Minister Narendra Modi here.

“Our team is surpassing even our most ambitious planned milestones, and I’m pleased to announce today that we’ll invest an additional $3 billion on top of the $2 billion that we announced in 2014, bringing our total investment in India to over $5 billion.”

Bezos was also presented with the Global Leadership Awards by Prime Minister Modi, along with Dilip Shanghvi, Founder and Managing Director of Sun Pharmaceuticals. Both were honoured for their contributions and commitment to integrating India into the global economy.

Meanwhile, members of the US-India Business Council have already invested $28 billion in India since September 2014 and another $45 billion is in the pipeline, Council Chairman John Chambers told Prime Minister Narendra Modi in Washington.

“In September 2014, USIBC members indicated an investment figure of $41 billion that was likely to be invested over a 2-3 year period. Today I’m happy to announce that in less than two years, about 20 percent of USIBC members have already invested $28 billion,” Chambers said.

“In next 2-3 years, we will see this pace accelerating — again with 20 percent of our members indicating that USIBC members are on track to invest an additional $45 billion, which is a conservative estimate,” he added.

Chambers met Prime Minister Modi just after his roundtable with USIBC members, which included the top brass of companies like PepsiCo, Master Card, Warburg Pincus, Lockheeed Martin, Boeing, Westinghouse, Intelsat, Emerson and 8Minute Energy.