New Delhi: The Foreign Investment Promotion Board (FIPB) has approved a proposal by the Spanish apparel player, Industria de Diseno Textil, Sociedad Anonima Inditex SA, to set up a joint venture with the Tata group subsidiary, Trent Ltd with an investment of Rs23.58 crore.
The proposal, approved by the FIPB at its meeting on 24 July, has been sent for consideration of the finance ministry, according to people familiar with the development.
The JV shall set up stores to conduct the business of single brand retail trade of all types of garments, footwear, accessories, fragrances and cosmetics products for women, men and children under the brand name of Zara and associated sub-brands of Zara Basic, Zara Woman, Trafaluc, Textures Zara and TRF.
According to the proposal, Inditex SA will have a 51% stake in the JV, while the remaining 49% would be held by Trent.