India grants FDI to select foreign retailers
Selected foreign retail companies can now operate in India under 100 per cent FDI after approval from the government.
Louis Vuitton, Christian Dior, Dolce and Gabbana, Hermes and Marks & Spencer are among 63 international companies who have been approved to operate under 100 per cent direct investment in single brand retail.
“In single-brand product retailing, foreign investment up to 100 per cent is permitted with prior government approval and subject to specified conditions,” said K V Thomas, minister of consumer affairs.
Further applications have been received by the Indian government from Promod, Tommy Hilfiger, Brooks Brothers, Fapa, SARL and Damiani.
Meanwhile Pavers England and Ikea’s application remain undecided, said commerce and industry minister Anand Sharma.
India liberalised foreign direct investment in single brand retail from a 51 per cent cap to 100 per cent in January of this year.