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'18 single brand retail FDI proposals approved till May, 2013'

Last Updated: Tuesday, August 20, 2013 - 15:14

New Delhi: The government approved a total of 18 foreign direct investment proposals worth USD 173 million in the single brand retail sector between April 2010 and May 2013, Parliament was informed on Tuesday.

Of these, it approved five proposals in the sector worth USD 137.68 million during the first two months of the current fiscal.

Firms which have received approvals to open retail stores under the single-brand retail policy include fashion brand Promod, France-based crockery maker Le Creuset, accessories firm Fossil Inc and French sports giant Decathlon.

During April 2010 and May 2013, India also attracted FDI worth USD 256.7 million in agriculture services, Commerce and Industry Minister Anand Sharma said in a written reply to Lok Sabha.

In January 2012, India had raised FDI cap in single-brand retail to 100 per cent from 51 per cent.

In reply to another question, Sharma said there is no proposal to amend FDI policy in real estate business.

"As per extant FDI policy, FDI is not permitted in real estate business. There is no proposal under consideration to amend the said policy," he added.

PTI

First Published: Tuesday, August 20, 2013 - 15:14
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