Amazon plans to more than double its investment in India over the next seven years, the e-commerce group said, joining a list of other high profile US giants stepping up their engagement in the South Asian market after meeting the Prime Minister Narendra Modi this week. .
The e-commerce group has invested about $11 billion in India so far and plans to inject another $15 billion by 2030, Amazon chief executive Andy Jassy said on Friday. The vast majority of new capital is likely for AWS expansion in India. The company said last month that it plans to invest $12.7 billion in its cloud business in the South Asian nation by 2030.
India is a key overseas market for Amazon, even though the company has closed many businesses in the country in recent quarters. Walmart, Amazon’s global rival, has also spent more than $2.5 billion in India this year.
Google Chief Executive Sundar Pichai said on Friday that the company would open a global financial technology operations center in GIFT town, Gujarat state.
Modi’s visit to the United States has drawn a number of other high profile engagements this week. US memory chip company Micron has announced it will invest up to $825 million in its first DRAM and NAND assembly and test facility in India, while Applied Materials has pledged to invest $400 million. dollars over four years in a new engineering center in the country.