STOCK MARKET BSE NSE

Government clears three FDI proposals in single brand retail

Published: 19th October 2012 06:28 PM  |   Last Updated: 19th October 2012 06:28 PM   |  A+A-

By PTI

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

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

The proposals were cleared by the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary Arvind Mayaram.

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

Sources said the footwear retailer plans set to invest Rs 100 crore.

At present, the UK-based firm sells products through its Chennai-based master franchisee Triton Retail in 28 exclusive stores across India and also through retail outlets of Reliance Footprint, Lifestyle, Shoppers Stop and Westside.

Meanwhile, a senior official said that Brooks Brothers has been given permission to invest Rs 6.22 crore in its recently announced 51:49 joint venture with Reliance Brands, a unit of Reliance Industries.

Earlier in June, Reliance Brands had said, "We will be looking at opening five stores over the next three seasons, starting with Fall-Winter 2012 running through Fall-Winter 2013."

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



Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp