Single-brand retail FDI proposals on FIPB agenda
17 Oct 2012 12:05 AM GMT
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.
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.
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