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Amazon raises investment in India to USD26B by 2030

CNA – Inc said on Friday it will take its investments to USD26 billion in India by 2030, adding USD6.5 billion in new planned investments in an announcement made after Chief Executive Officer (CEO) Andy Jassy met Prime Minister Narendra Modi in the United States (US).

Though Jassy gave no breakdown, the announcement follows Amazon’s cloud computing unit Amazon Web Services (AWS) saying last month it will invest INR1.06 trillion (USD12.9 billion) in the country by the end of 2030.

Earlier, Amazon had announced a USD6.5 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 investment amount committed now comes to around USD6.5 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.

Modi and Jassy spoke about supporting Indian startups, creating jobs, enabling exports, digitisation, and empowering individuals and small businesses to compete globally, an Amazon blog post said.

The Amazon Prime logo is displayed on the side of Amazon delivery trucks in Richmond, California, United States. PHOTO: AFP