3 FDI proposals including Pavers England cleared

The government today cleared three FDI proposals worth Rs 106 crore in single-brand retail.

The government today cleared three FDI proposals worth Rs 106 crore in single-brand retail,including that of America’s oldest clothing retailer Brooks Brothers and UK’s footwear chain Pavers England.

The foreign investment proposal by Italian jewellery brand Damiani to set up a 51:49 joint venture with Mehta’s Pvt Ltd also got the government’s approval,sources said.

The proposals were cleared by the Foreign Investment Promotion Board (FIPB) headed by Economic Affairs Secretary Arvind Mayaram.

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After the meeting,Mayaram said that the proposal of Pavers England has been cleared.

Sources said the footwear retailer plans set to invest Rs 100 crore.

At present,the UK-based firm sells products through its Chennai-based master franchisee Triton Retail in 28 exclusive stores across India and also through retail outlets of Reliance Footprint,Lifestyle,Shoppers Stop and Westside.

Meanwhile,a senior official said that Brooks Brothers has been given permission to invest Rs 6.22 crore in its recently announced 51:49 joint venture with Reliance Brands,a unit of Reliance Industries.

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Earlier in June,Reliance Brands had said,”We will be looking at opening five stores over the next three seasons,starting with Fall-Winter 2012 running through Fall- inter

2013.”

The company is targeting Mumbai,New Delhi,Bangalore,Chennai and Chandigarh.

While aboard INS Vikrant, the Prime Minister had a packed schedule of engagements, officials said.

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