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Zara sets foot on India soil through JV with Trent
19
Aug '09
Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on July 24, 2009, the Government of India has approved 10 Proposals of Foreign Direct Investment (FDI) amounting to Rs. 1123.059 Crore approximately.

Among which is a proposal of Spain based apparel retailer, Industria de Diseno Textil, Sociedad Anonima (Inditex SA), which has set up a joint venture with the Tata's owned Trent Ltd at an investment of Rs 23.58 Crore.

Indian FDI laws at present permit 51 percent foreign equity in retailing and that too only for single brands. Under the proposal, the JV would set up outlets under the brand name of 'Zara' to sell apparels, accessories, perfumes and footwear.

Fibre2fashion News Desk - India

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