Four single-bra​nd proposals may get FIPB nod this month

The Foreign Investment Promotion Board (FIPB) may

take up four proposals of global brands, including French fashion brand Promod, France-based crockery maker Le Creuset, US-based accessories firm Fossil and French sports giant Decathlon, worth over Rs 750 crores for setting up single-brand retail stores in India during its next meeting scheduled on February 13.

Recently, the Department of Industrial Policy and Promotion (DIPP) had sent the four proposals to the Board for its consideration. In January 2012, Indian government raised the FDI cap in single-brand retail to 100 percent from 51 percent. Except Promod, other three brands (Le Creuset, Fossil Inc and Decathlon) have proposed to invest in 100 per cent single brand retail venture.

While Promod, which plans to invest about Rs 30 crores, has proposed to form a joint venture with 51 percent stake, Decathlon has planned maximum investment of Rs 700 crores. In the case of American high-end accessories firm Fossil, it has proposed to invest more than Rs 22 crores. Crockery maker Le Creuset operates a cash-and-carry business in India.

Another four applications of premium apparel-maker Tommy Hilfiger, European brand Na Pali, American shoe-maker Skechers and Thailand-based Lotus Arts for setting up single-brand retail stores in India are also pending with the DIPP.