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Amazon and Flipkart seek extension to comply with new FDI policy

Amazon and Flipkart have asked the government for an extension on the 1 February deadline to comply with the new FDI policy for e-commerce, reports the Economic Times. Amazon has asked for time until 1 June, while Flipkart has asked for an extension of 6 months, to 1 August. MediaNama has reached out to Amazon and Flipkart for comment and will update this when we hear from them. According to ET, Amazon wrote to the Department of Industrial Policy and Promotion (DIPP) saying that it would be difficult for it to comply with the new policy by the deadline as it would have to overhaul its business model and systems. The company also said that it would need more time as there had been no pre-policy consultations this time, unlike when the Press Note 3 of 2016 was framed. All contracts with…

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