The Government has cleared four foreign direct investment (FDI) proposals in single brand retail worth an estimated Rs 750 crore including ones by French fashion brand Promod and sports goods major Decathlon.
The Foreign Investment Promotion Board, headed by Economics Affairs Secretary Arvind Mayaram, also cleared proposals by US-based high-end accessories company Fossil and cookware seller Le Creuset in its meeting on Wednesday.
Of the four, French company Decathlon proposes to bring in the highest FDI worth Rs 700 crore, followed by Promod which wants to invest Rs 30 crore and Fossil Inc’s that plans to infuse Rs 22 crore.
Le Creuset may not bring in any fresh investments as it wants its existing cash-and-carry operations to initially fund the single-brand venture, a Government official said.
So far, the Government has cleared a number of 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.
India, however, is yet to receive any proposal for FDI in multi-brand retail. India allows 51 per cent FDI in multi-brand retail and 100 per cent in single brand FDI subject to sourcing conditions.