Govt. clears FDI worth Rs 1,034 cr

The government cleared two foreign direct investment (FDI) proposals associated with single brand retail in the Foreign Investment Promotion Board (FIPB) meeting held on January 20.

Canali Holding of Italy, a men's clothing chain of Italy, will set up a joint venture company with 51 per cent foreign equity participation in single-brand retailing with an investment of Rs 7.65 crore. The board has also given its nod to the Rs 50 lakh investment proposal of Timex Garments, another clothing brand of Sri Lanka, for creating a joint venture with 50 per cent equity participation to set up single brand retail stores.

Based on the recommendations of FIPB, the government has approved 20 FDI proposals of FDI amounting to approximately Rs 1,034.371 crore. Fluke South East Asia of Singapore has also been allowed to incorporate an investing company to make downstream investments in other Indian companies engaged in the business of wholesale trading and related activities worth Rs 400 crore.