The Indian government today approved an Amazon request to setup a wholly owned subsidiary in India. In a request filed with GOI, Amazon Asia-Pacific Resources Pvt. Ltd., Singapore had requested permission to "set up a Wholly Owned Subsidiary to undertake the business of online market place operator and retailer inter-alia courier services". According to a press release issued by the Government, Amazon plans to invest Rs. 15 crores for setting up its operations.
The approval comes days after Amazon entered the Indian market with Junglee.com
. While Junglee.com launched as a price comparison site-cum-marketplace, this approval could pave the wave for Amazon to setup its own fulfillment centers in India.
Amazon is the world's largest online retail company with over 30 million customers across 9 countries and over $48 billion in 2011 reveune.