According to sources Jeff Bezos headed US giant Amazon is slowly but strongly moving towards its objective of investing $5 billion into the Indian market. Meanwhile the latest infusion from the parent company is worth Rs 2,700 crore.
Furthermore this comes after Amazon India had received almost a similar amount of Rs 2,600 crore in May this year. Presently Amazon appears to have reached a figure of $3.6 billion or about Rs 25,000 crore and there has been a $100 million allocation meant for Amazon Retail, the division that is focusing on the grocery and daily essentials business in India. Moreover it is understood that Amazon has committed $500 million to creating this business as it sees enormous scope in the area.
Further according to a
recent Forrester’s research data, Flipkart is almost on par with Amazon in the
online retail market in India, with 31.9% against 31.1% of Amazon. Accordingly Amazon
will be keen to limit the collateral damage it may have to bear when Walmart
brings its might to bear upon the business of Flipkart, particularly having
received the CCI approval for the deal.
Mahindra & Mahindra rolled out electric 3 wheeler auto rickshaw in Bengaluru According to sources "The 3 wheeler range Treo and Treo Yaari are powered with lithium ion battery, which gives 170 km ride for a single charge, said Mahindra Electric Mobility Ltd Chairman Pawan Goenka on the occasion. Meanwhile the $21 billion Mahindra group has invested Rs 100 crore in setting up a technology plant in the city's southern outskirts, with an installed capacity of 25,000 units per annum to make the e-autos for Karnataka initially.
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