Govt to examine four single-brand retail FDI proposals on Wednesday

Proposals of Promod, Le Creuset, Decathlon and Fossil Inc are listed on the agenda
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First Published: Tue, Feb 12 2013. 10 07 PM IST
Last month, the department of industrial policy and promotion (DIPP) sent these proposals to the Foreign Investment Promotion Board (FIPB) for consideration. Photo: Pradeep Gaur/Mint
Last month, the department of industrial policy and promotion (DIPP) sent these proposals to the Foreign Investment Promotion Board (FIPB) for consideration. Photo: Pradeep Gaur/Mint
Updated: Tue, Feb 12 2013. 11 52 PM IST
New Delhi: The finance ministry will consider on Wednesday four foreign direct investment (FDI) proposals in single brand retailing, including those of Decathlon and Fossil Inc, worth Rs750 crore.
Proposals of French fashion brand Promod, crockery maker Le Creuset and sports giant Decathlon along with that of US-based accessories firm Fossil Inc are listed on the agenda of Wednesday’s foreign investment promotion board (FIPB) meeting, an official said.
The FIPB is headed by economic affairs secretary Arvind Mayaram.
Last month, the department of industrial policy and promotion (DIPP) of ministry of commerce and industry had sent these proposals to the FIPB for consideration.
India is witnessing an increased interest in the retailing segment, ever since the government allowed 100% FDI in single brand retail in January 2012. Le Creuset, Fossil Inc, and Decathlon are seeking FIPB’s nod for 100% FDI, while the Promod proposal is for entering the segment in a joint venture.
A DIPP official said that Decathlon alone proposes to bring in foreign equity worth Rs700 crore. While Promod proposes to bring in FDI worth about Rs30 crore, Fossil plans an over Rs22 crore investment. However, 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, the official added.
In the recent past, the FIPB has cleared several major single-brand retail proposals including those of Swedish furniture-maker IKEA, British footwear retailer Pavers England, American luxury clothing retailer Brooks Brothers and Italian jewellery maker Damiani.
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First Published: Tue, Feb 12 2013. 10 07 PM IST
More Topics: Retail | FDI | Promod | Le Creuset | Decathlon |
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