INDIA: Approves FDI plans by Pavers and Brooks Brothers
The Indian government has approved foreign-direct investment proposals from British footwear firm Pavers England and US apparel retailer Brooks Brothers Group.
The Foreign Investment Promotion Board (FIPB) approved Pavers and Brooks Brothers proposals for single brand retail trading at its meeting on 19 October.
Pavers will invest INR982.6m (US$18m), while Brooks Brothers will put equity of INR62.2m towards its joint venture with Reliance Brands, which was announced earlier this year.
The Indian government decided to allow 100% foreign direct ownership in single-brand retail in January.
And its plans to ease rules on foreign investment in retail came into effect in September, allowing overseas investors to to own 51% of multi-brand retail businesses.
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