Government clears three FDI proposals in single brand retail

The government today clearedthree FDI proposals worth Rs 106 crore in single-brand retail,including that of America's oldest clothing retailer BrooksBrothers and UK's footwear chain Pavers England.

The foreign investment proposal by Italian jewellerybrand Damiani to set up a 51:49 joint venture with Mehta's PvtLtd also got the government's approval, sources said.

The proposals were cleared by the Foreign InvestmentPromotion Board (FIPB) headed by Economic Affairs SecretaryArvind Mayaram.

After the meeting, Mayaram said that the proposal ofPavers England has been cleared.

Sources said the footwear retailer plans set to investRs 100 crore.

At present, the UK-based firm sells products through itsChennai-based master franchisee Triton Retail in 28 exclusivestores across India and also through retail outlets ofReliance Footprint, Lifestyle, Shoppers Stop and Westside.

Meanwhile, a senior official said that Brooks Brothershas been given permission to invest Rs 6.22 crore in itsrecently announced 51:49 joint venture with Reliance Brands, aunit of Reliance Industries.

Earlier in June, Reliance Brands had said, "We will belooking at opening five stores over the next three seasons,starting with Fall-Winter 2012 running through Fall-Winter2013."

The company is targeting Mumbai, New Delhi, Bangalore,Chennai and Chandigarh.

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