Millennium Post

Single-brand retail FDI proposals on FIPB agenda

Proposals by America’s oldest clothing retailer Brooks Brothers and Italian jewellery major Damiani for direct investment in single-brand retail will be taken up by the finance ministry on Friday. Also, the Foreign Investment Promotion Board [FIPB] headed by economic affairs secretary Arvind Mayaram, on 19 October will take up UK-based footwear giant Pavers England’s FDI proposal for single-brand retail sector.

Ever since the government liberalised the foreign direct investment policy to allow 100 per cent FDI in single-brand retail in January, a large number of global retailers have expressed interest to set up stores in India.

In June, Reliance Brands, a unit of Reliance Industries, had announced a joint venture with Brooks Brothers to set up the latter’s shops in India. Brooks Brothers will have 51 per cent stake in the joint venture.

Agencies

Agencies

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