Amazon wins India’s approval to invest in domestic food retail

July 11, 2017 By Sankalp Phartiyal MUMBAI (Reuters) – Online retail giant Amazon.com Inc has secured approval to stock and sell food and groceries in India, potentially expanding its business in the fast-growing economy where it is in a pitched battle with home-grown rival Flipkart. Amazon confirmed winning government approval for its plan to sell food products, but it declined to provide further details. Separately, a source familiar with the matter said Amazon planned to invest $500 million in the food segment, over and above the $5 billion it had…

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