Grofers India seeks govt approval for FDI in food trading

Grocery delivery start-up Grofers has sought government’s approval for foreign direct investment to carry out trading in food products. The government has recently permitted 100 percent FDI under government approval for trading, including through e-commerce, in respect of food products manufactured or produced in India. As per the information on the website of the Department […]

Grocery delivery start-up Grofers has sought government’s approval for foreign direct investment to carry out trading in food products.

The government has recently permitted 100 percent FDI under government approval for trading, including through e-commerce, in respect of food products manufactured or produced in India.

As per the information on the website of the Department of Industrial Policy and Promotion (DIPP), Grofers India Pvt Ltd has sought approval “to undertake trading including through e-commerce in food products manufactured and/or produced in India”.

Union Minister Harsimrat Kaur Badal has said India’s food processing industry is expected to treble in coming years on the back of a higher economic growth.

The size of the industry is about Rs 1.5 lakh crore.

The Food Processing Ministry has proposed to organise the World Food Summit in 2017 that would act as a single platform for investors, technology solution providers, processors, manufacturers and all other relevant national and international stakeholders.

Source: Moneycontrol