Winning US Investment
Modi being received by the speaker of the United States House of Representatives, Paul Ryan on his arrival, at Capitol Hill, in Washington DC, USA on June 08, 2016.
Amazon and 21st Century Fox have announced additional investment in their operations in India, expressing stronger than projected growths.
The announcements were made during Prime Minister Narendra Modi’s visit to the United States June 7-8, and at the annual gala of US India Business Council (USIBC).
“Amazon will invest US$3 billion more in India. This is in addition to the US$2 billion announced in 2014,” said its founder and chief executive officer Jeff Bezos last night (June 8).
Amazon has created some 45,000 jobs in India and continue to see huge potential in the Indian economy,” Bezos said.
“Our Amazon.in team is surpassing even our most ambitious planned milestones…,” Bezos said after receiving USIBC’s Global Leadership Awards.
Star India, a subsidiary of 21st Century Fox, will invest an additional US$5 billion over the next three years.
“We see huge potential in the Indian market and have been one of the largest foreign investors in India and the largest in the media and entertainment sector,” said Uday Shankar, Chairman and CEO of Star India.
About 20 per cent of USIBC member companies have already invested US$28 billion India in less than two years, according to group’s chairman John Chambers.
“Over the next 2-3 years, we see this pace accelerating, again with about 20 per cent of our member companies reporting, indicating that USIBC members are on track to invest an additional US$45 billion, which is a conservative estimate,” he said.
He applauded Modi’s track record in building businesses and investments in India through initiatives such as “Digital India”. fii-news.com
