Though Jassy gave no breakdown, the announcement follows Amazon’s cloud computing unit Amazon Web Services (AWS) saying last month it will invest 1.06 trillion rupees ($12.9 billion) in the country by the end of 2030.

Earlier, Amazon had announced a $6.5 billion investment plan, largely to boost its e-commerce business where it competes with Walmart’s Flipkart and billionaire Mukesh Ambani’s Reliance Retail.

The investment amount committed now comes to around $6.5 billion.

The e-commerce giant’s announced investment during Modi’s trip adds to other companies, including U.S. semiconductor toolmaker Applied Materials and memory chip firm Micron Technology, which have made commitments during the Indian prime minister’s state visit.

Modi and Jassy spoke about supporting Indian startups, creating jobs, enabling exports, digitisation, and empowering individuals and small businesses to compete globally, an Amazon blog post said.

Separately, Google (GOOGL.O) will open a global fintech operation center in GIFT City in India’s western state of Gujarat, CEO Sundar Pichai told reporters in a video shared on Twitter by Reuters partner ANI company.

“We shared Google is investing $10 billion in the India digitisation fund, and we are continuing to invest through that,” Pichai said.

Google did not immediately respond to a Reuters request for comment on further details of the new center, outside of business hours.

On the final day of his Washington trip, Modi met with U.S. and Indian technology executives, including Apple’s (AAPL.O) Tim Cook, Google’s Pichai and Microsoft’s (MSFT.O) Satya Nadella and appealed to global companies to “Make in India”.

The post Amazon raises investment in India to $26 bln by 2030 appeared first on New Mail Nigeria.

Bezos will now occupy the role of executive chair in the company which he founded in 1994—27 years ago.

Andy Jassy, who is currently the chief executive of Amazon Web Services, will take over as CEO.

In a memo to employees, Bezos said: “Being the CEO of Amazon is a deep responsibility, and it’s consuming. When you have a responsibility like that, it’s hard to put attention on anything else”.

“In the executive chair role, I intend to focus my energies and attention on new products and early initiatives.

“As executive chair, I will stay engaged in important Amazon initiatives but also have the time and energy I need to focus on the Day 1 Fund, the Bezos Earth Fund, Blue Origin, The Washington Post, and my other passions.

“I have never had more energy, and this is not about retiring. I am super passionate about the impact I think these organizations can have.”

Amazon’s share price was up about 1.5 percent following the announcement.

Amazon’s market value currently hovers around $1.7 trillion, making it one of the most valuable companies in the world.

Bezos is one of the company’s biggest shareholders, holding 11.1 percent stake and one of the wealthiest people on the planet with a net worth of $196.2 billion according to Forbes.

The e-commerce giant said a surge in online shopping during the COVID-19 pandemic increased its sales by 37 percent to $386 billion and its profit nearly doubled to $21 billion.

It also added half a million new employees in 2020

The post Jeff Bezos to step down as Amazon CEO appeared first on New Mail Nigeria.