Govt okays FDI for Brooks Bros, pavers
The government today cleared three FDI proposals worth Rs 106 crore in single-brand retail, including that of America's oldest clothing retailer Brooks Brothers and UK's footwear chain Pavers England.business Updated: Oct 19, 2012 21:59 IST
The government on Friday cleared three FDI proposals worth Rs 106 crore in single-brand retail, including that of America's oldest clothing retailer Brooks Brothers and UK's footwear chain Pavers England.
The foreign investment proposal by Italian jewellery brand Damiani to set up a 51:49 joint venture with Mehta's Pvt Ltd also got the government's approval, sources said.
The proposals were cleared by the Foreign Investment Promotion Board (FIPB) headed by economic affairs secretary Arvind Mayaram.
Sources said the footwear retailer Pavers England plans set to invest R100 crore. At present, the UK-based firm sells products through its Chennai-based master franchisee Triton Retail in 28 exclusive stores across India and also through retail outlets of Reliance Footprint, Lifestyle, Shoppers Stop and Westside.
Meanwhile, a senior official said that Brooks Brothers has been given permission to invest Rs 6.2 crore in its recently announced 51:49 joint venture with Reliance Brands, a unit of Reliance Industries.