The Finance Ministry on Wednesday cleared four foreign direct investment (FDI) proposals in single brand retailing, including that of Decathlon and Fossil Inc, worth about Rs 750 crore, sources said.
New Delhi: The Finance Ministry on Wednesday cleared four foreign direct investment (FDI) proposals in single brand retailing, including that of Decathlon and Fossil Inc, worth about Rs 750 crore, sources said.
Foreign Investment Promotion Board (FIPB), headed by Economic Affairs Secretary Arvind Mayaram, in its meeting has also cleared the proposals of French fashion brand Promod, crockery maker Le Creuset and sports giant Decathlon, they said.
India is witnessing an increased interest in the retailing segment, ever since the government allowed 100 percent FDI in single brand retail in January 2012.
The proposal of Le Creuset, Fossil Inc, and Decathlon were for 100 percent FDI, while Promod sought entering the segment through a joint venture.
Decathlon alone would bring in foreign equity worth Rs 700 crore, while Promod would bring about Rs 30 crore and the American high-end accessories firm Fossil Inc plans over Rs 22 crore investment.
Crockery maker Le Creuset, which already operates a cash-and-carry business in India, may not bring in fresh investment but rather get funding from its existing wholesale operations, they added.
In the recent past, the FIPB has cleared several major single brand retail proposals including that of Swedish furniture-maker IKEA, British footwear retailer Pavers England, American luxury clothing retailer Brooks Brothers and Italian jewellery maker Damiani.