Govt approves five FDI proposals in single brand retail sector

The government has approved five foreign direct investment proposals, including that of Oppo Mobiles India and Louis Vuitton Malletier, in the single brand retail sector, according to the Department of Industrial Policy and Promotion (DIPP).

The other FDI proposals approved by the government include Chumbak Design ($8.62 million), Daniel Wellington AB ($10 million) and Actoserba Active Wholesale Pvt Ltd.

Actoserba Active Wholesale's application was made for single brand retail trading (SBRT) of ZIVAME brand in addition to existing business of wholesale.

Oppo Mobiles India has got the nod to undertake SBRT of OPPO brand, in addition to existing business of wholesale, according to the DIPP's Foreign Investment Facilitation portal.

This portal was set up after the winding up of the foreign investment promotion board.

The portal showed that Diabu Diamond Tools India has been advised to approach through automatic route for its FDI proposal.

FDI into the country grew 9 per cent to $43.47 billion in 2016-17.