The finance ministry cleared four foreign direct investment (FDI) proposals in single brand retailing, including that of Decathlon and Fossil Inc, worth about Rs 750 crore.
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.
India is witnessing an increased interest in the retailing segment, ever since the government allowed 100 per cent foreign direct investment in single brand retail in January 2012.
The proposal of Le Creuset, Fossil Inc, and Decathlon were for 100 per cent foreign direct investment, 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.
In the recent past, the foreign investment promotion board 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.
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