The Commerce and Industry Ministry on Tuesday said it has approved FDI
proposals by Dyson
International which designs and manufactures household appliances such as vacuum cleaners, hand dryers, bladeless fans among other items and employs more than 7,000 people worldwide.
International got an approval to carry out single brand retail trading
of 'Dyson' branded products in India, it said in a statement. The investment envisaged in the range of 5 million to 10 million British pounds.
The company has a website with an Indian domain name already running which has opened a waiting list for prospective customers interested in its products.
Another firm, MM Retail Pvt Ltd also got a post facto approval for FDI
pursuant to direction from the Reserve Bank of India (RBI). According to Bloomberg, it owns and operates a chain of jewelers and accessories stores for women in India. The company also offers its products online, as well as through other third party portals. MM Retail Pvt Ltd was incorporated in 2007 and is based in Gurgaon, India. It has stores in New Delhi, Bengaluru, Mumbai and Chandigarh, among other locations.
Xerox India had submitted a proposal for wholesale trading of xerographic equipment, document processing products and global document outsourcing business.
The other application, by Pan Asia Freight Forwarding and Logistics India, was also rejected by the Department of Industrial Policy and Promotion (DIPP).
Further, a proposal on health studies sector by George Institute for Global Health was closed as no FDI
issue was involved. "The applicant has been advised to approach Ministry of Corporate Affairs," the DIPP
The Foreign Investment Facilitation Portal, the succesor mechanism to the erstwhile Foreign Investment Promotion Board is the new online single point interface of the government for investors. It is being administered by the DIPP.
A senior DIPP
official said the portal will continue to facilitate the clearance of applications which are through approval route. Upon receipt of the FDI
application, the concerned Administrative Ministry/Department shall process the application as per the Standard Operation Procedure (SOP).