Amazon.com Inc. is reportedly planning to increase its investment in India to $7 billion from a previously reported $5 billion after retail giant Walmart Inc. announced plans to acquire 77% of Flipkart Online Services Pvt. Ltd., CNBC's Indian affiliate CNBC TV-18 reported June 5, citing sources.
The Seattle-based online giant previously planned to invest $5 billion in the country but reportedly is adding another $2 billion to its plan to stay competitive with Walmart.
The sources told the news outlet that Amazon may increase its investment even more over time since the company's interest to expand is much higher. They added that the senior management in the Indian market has outlined a strategy to grow its presence in the country.
According to the report, the company has already spent between $3.3 billion and $3.8 billion out of the original reported $5 billion investment in the country and will mostly focus on its e-commerce business, Amazon seller services and Amazon Prime.
Amazon did not immediately respond to a request for comment from S&P Global Market Intelligence.
