Amazon plans to invest another $15 billion in India, CEO Jassy says after Modi meeting

Amazon plans to more than double its investment in India in the next seven years, the e-commerce group said, joining a roster of other high-profile American giants ramping up commitment to the South Asian market after meeting with Prime Minister Narendra Modi this week.

The e-commerce group has invested about $11 billion in India to date and plans to pour $15 billion more by 2030, Amazon chief executive Andy Jassy said Friday. The vast majority of the new capital is likely earmarked for AWS expansion in India. The company said last month that it plans to invest $12.7 billion into its cloud business in the South Asian nation by 2030.

India is a key overseas market for Amazon, even as the firm has closed many businesses in the country in recent quarters. Walmart, Amazon’s global rival, has also spent over $2.5 billion in India this year.

Google chief executive Sundar Pichai said on Friday that the company will open a global fintech operation centre in GIFT city in the state of Gujarat.

Modi’s visit to the U.S. has attracted a number of other high-profile commitments this week. U.S. memory chip firm Micron said it will invest up to $825 million in its first DRAM and NAND assembly and test facility in India, whereas Applied Materials pledged to invest $400 million over four years in a new engineering center in the country.