India is witnessing good interest in the retailing segment, ever since the government allowed 100% FDI in single brand retail last January
The finance ministry on Wednesday cleared four foreign direct investment (FDI) proposals in single-brand retailing, including that of Decathlon and Fossil Inc, worth around Rs750 crore.
The Foreign Investment Promotion Board (FIPB), headed by economic affairs secretary Arvind Mayaram, in its meeting has also cleared the proposals of French fashion brand Promod, crockery maker Le Creuset and sports giant Decathlon.
India is witnessing good interest in the retailing segment, ever since the government allowed 100% FDI in single brand retail last January.
The proposal of Le Creuset, Fossil Inc, and Decathlon were for 100% FDI, while Promod sought entering the segment through a joint venture.
Decathlon alone would infuse foreign equity worth Rs700 crore, while Promod would bring about Rs30 crore and the American high-end accessories firm Fossil Inc plans to invest Rs22 crore investment.
The FIPB has recently cleared several major single-brand retail proposals including that of Swedish furniture-maker IKEA, British footwear retailer Pavers England, American luxury clothing retailer Brooks Brothers and Italian jewellery maker Damiani.
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