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Amazon opens its biggest centre globally in Hyderabad

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Hyderabad: Global e-commerce major Amazon has said that it has not witnessed any slowdown in India. It said the e-commerce constitutes a small portion of the retail industry.

“E-commerce is less than 3 per cent of the retail consumption in the country. There is so much room to grow. It will take some time before macro conditions impact e-commerce growth. We haven’t seen slowdown,” Amit Agarwal, Senior Vice-President and Country Head of Amazon India, said. Along with John Schoettler, Vice-President of Amazon’s Global Real Estate and Facilities, he was here in connection with the launch of its biggest campus on Wednesday.

With three million square feet of construction area that can house 65 football fields and consuming 2.5 times more steel than the Eiffel Tower, Amazon’s new facility is its single largest building in the world in terms of total area.

Completed in 39 months, the facility, with an office space of 1.8 m sq ft, will seat about one-third of Amazon’s 62,000 employees in the country.

Located at the financial district in Gachibowli, the swanky 86-metre building will house global developments in financial services, back-end and cloud services.

Mohammed Mahmood Ali, Telangana Home Minister, and Jayesh Ranjan, IT and Industries Secretary of Telangana, inaugurated the campus.

“An average of 2,000 workers worked every day, spending 18 million man-hours to complete the project,” John Schoettler said.

Besides six offices in Telangana, Amazon also has three fulfilment centres in the State with over 3.2 million cubic feet of storage space to sellers, two sort centres with one lakh sq ft of processing capacity and 90 delivery stations.

Telangana IT Secretary Jayesh Ranjan asked Amazon to take part in the development of artificial intelligence/machine learning landscape in the city. He also wanted them to encourage the local artisans on its e-commerce platform to increase their reach and sales.

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CBI raids at 169 places across nation in bank fraud cases worth 7000 crore

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New Delhi: The CBI is conducting searches in 169 locations across the country in connection with 35 bank fraud cases, which were registered by it and involve funds of over Rs 7,000 crore, officials said on Tuesday.

The searches are going on in Delhi, Gurgaon, Chandigarh, Ludhiana, Dehradun, Noida, Baramati, Mumbai, Thane, Silvassa, Kalyan, Amritsar, Faridabad, Bengaluru, Tirupur, Chennai, Madurai, Quilon, Cochin, Bhavnagar, Surat, Ahmedabad, Kanpur, Ghaziabad, Bhopal, Varanasi, Chandauli, Bhatinda, Gurdaspur, Morena, Kolkata, Patna, Krishna and Hyderabad, they said. The agency refused to give further details as the search operations are still going on, they said.

Among the alleged frauds being probed by the agency are SEL Manufacturing in Bank of Maharashtra worth Rs 113.55 crore, Advance Surfactants in SBI worth Rs 118.49 crore, Eskay Knit worth Rs 42.16 crore in Dena Bank (now Bank of Baroda), Krishna Knitwear Technology worth over Rs 27 crore in Canara Bank, they said.

The cases pertain to State Bank of India, Punjab National Bank, Andhra Bank, Oriental Bank of Commerce, Indian Overseas Bank, Allahabad Bank, Canara Bank, Dena Bank, Central Bank of India, Union Bank of India, IDBI Bank, Bank of Baroda, Bank of Maharashtra, Bank of India, and Punjab and Sind Bank, they said.

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