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Pavers England makes India foray through relaxed FDI norms
06
Nov '12
Pavers England, a UK-based footwear firm, has become the first single-brand retailer in the footwear sector to gain entry in India through the foreign direct investment (FDI) route after the Indian Government relaxed the norms allowing 100 percent FDI in the sector, according to an official statement.
 
Government of India already increased the FDI limit in single brand retail from 51 percent to 100 percent during last year, however, overseas brands continued to face some difficulties with regards to sourcing from small and medium scale producers. Owing to this, it relaxed its sourcing norms and made it preferable rather than mandatory.
 
Following the Indian Government’s nod, Pavers England is likely to pump in an investment of Rs. 982.6 million in India. 
 
According to the statement, based on recommendations of the Foreign Investment Promotion Board (FIPB), Indian Government cleared 12 FDI proposals worth Rs. 7.066 billion.
 
After Pavers England, FIPB would next mull over allowing the Swedish furniture maker IKEA, which proposes to invest Rs. 105 billion in the country.
 
The Government initially turned down Spanish firm Zara’s proposal for single brand retail FDI on ownership issues, but then in September it reached a decision that any company which seeks to enter the Indian market need not own the brand.
 

Fibre2fashion News Desk - India

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