Per Reuters
Amazon adds $6.5 billion to its investment budget for India, bringing the total to $26 billion by 2030
6/26/2023
Amazon is ramping up its budget in India as the company has decided to pour in more in investments, bringing the total to $26 billion. This comes after $6.5 billion was added for "new planned investments."
The announcement came from Amazon.com CEO Andy Jassy and was released shortly after the CEO of the company met with India's Prime Minister Narendra Modi. The latest figure given by Amazon regarding its investment plans was $12.9 billion last month, which is expected to go to the company's cloud computing unit Amazon Web Services (AWS).
The newer $6.5 billion investment plan would most likely boost its e-commerce business. Now, the company is competing with Flipkart by Walmart and Reliance Retail by billionaire Mukesh Ambani.
In May, it was reported that the potential cloud computing unit investment in India would be able to bring 100,000 full-time jobs annually. So far, the company already had two data centers in India, with the first launched in 2016 and the second one launched much more recently in 2022.
Recently, more companies have been looking to expand into India, including Tesla which is thinking of making a potential "significant investment." This came after Elon Musk also spoke with India's Prime Minister.
See flow at unusualwhales.com/flow.
Other News:
- Amazon plans to scale investments in India with a budget of $12.7 billion for cloud infrastructure by 2030
- Tesla eyes India expansion with potential 'significant investment'
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