DIPP approves 2 FDI proposals in retail sector
New Delhi: The department of industrial policy and promotion (DIPP) on Tuesday approved two FDI proposals in the retail sector, including that of Damro Furniture worth over Rs400 crore.
Damro Furniture would undertake single-brand retail trading of Damro branded products in India, according to the DIPP’s foreign investment facilitation portal. The company had proposed to invest Rs402 crore.
Supr Infotech Solutions will carry out food product retail trading of milk and other daily need products. The firm proposes to invest Rs10.85 crore.
DIPP set up the foreign investment facilitation portal was set up after the winding up of the foreign investment promotion board. Foreign direct investment (FDI) into the country grew 17% to $25.35 billion during April-September this fiscal.
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