CURRENT AFFAIRS

Detailed explanation-1: -The two said on Monday that they have entered into a long-term business agreement to expand the reach of Future Retail ’s stores through Amazon India marketplace. Future Retail operates more than 1, 500 stores across India, but until now, it has not aggressively explored sales online.

Detailed explanation-2: -Amazon Retail India Private Limited is an Indian Non-Government Company. It’s a private company and is classified as’company limited by shares’. Company’s authorized capital stands at Rs 500.0 lakhs and has 100.0% paid-up capital which is Rs 500.0 lakhs.

Detailed explanation-3: -In early June 2013, Amazon.com launched their Amazon India marketplace without any marketing campaigns. In July 2014, Amazon had said it will invest $2 billion (Rs 12, 000 crore) in India to expand the business, after its largest Indian rival, Flipkart announced $1 billion in funding.

Detailed explanation-4: -Amazon has been attempting to increase its presence in India through stakes in local firms and has also aggressively explored partnerships with neighborhood stores. The company attempted to acquire Future Retail, India’s second largest retail chain, but was outwitted by Ambani’s firm.