The Government of India has approved a total of 18 proposals for investment in the country’s single-brand retail sector between April 2010 and May 2013.
The approved proposals include the application of fashion brand Promod, French sports giant Decathlon and accessories firm Fossil Inc, for opening retail stores under the single-brand foreign direct investment FDI) policy, the Parliament was informed earlier this week.
Among the 18 proposals approved by the Government, five proposals for setting up single-brand retail stores under the FDI policy were approved during April-May 2013. These proposals were worth US$ 137.68 million, The Hindu reported quoting PTI.
In January 2012, the Indian Government raised FDI limit in single-brand retail from 51 percent to 100 percent.