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FIPB approves four international brands

By VJ Media Bureau | Vjmedia Works | February 14, 2013

Le Creuset, Decathlon, Fossil Inc and Promod to set up joint venture.

The FIPB (Foreign Investment Promotion Board) cleared four foreign direct investment (FDI) proposals to set up operation in the country. According to the news reported in PTI, the ones who received the go ahead include; French cookware maker Le Creuset, sportswear company Decathlon, jeweler and watch maker Fossil Inc. and Promod - to set up joint venture.


FIPB cleared Rs 750 worth of proposals. Decathlon proposed to invest Rs 7 billion, Fossil - Rs 42 million rupees and Promod - Rs 300 million.
 
FIPB has cleared several major retail proposals including IKEA the Swedish furniture-maker, British footwear retailer Pavers England, American luxury clothing retailer Brooks Brothers and Italian jewellery maker Damiani.
 
In September last year the Cabinet decided to operationalise 51 per cent Foreign Direct Investment (FDI) in multi-brand retail.
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