Lingerie retailer Zivame is also seeking approval for turning its venture in India into a single brand retailer, according to media reports. Karnataka based Actoserba Active Wholesale owns Zivame and has applied to the DIPP for the approval.
Foreign direct investment (FDI) of up to 49 per cent is permitted into India under the automatic route. However, the government's approval is required beyond this limit.
For proposals requiring FDI of more than 51 per cent, it is necessary for them to source 30 per cent of the value of goods from India. In a bid to attract more global players in the sector, the government is also considering the option of allowing 100 per cent FDI through automatic route in single-brand retail. (KD)
Fibre2Fashion News Desk – India
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