Giorgio Armani proposal among 20 cleared by India
April 8th, 2008 - 7:59 pm ICT by admin
New Delhi, April 8 (IANS) A proposal from designer house Giorgio Armani to start a chain of retail stores in India was among the 20 applications on foreign direct investment approved by Finance Minister P. Chidambaram Tuesday. The proposal from Armani is to hold a 51 percent stake in a venture that would entail an investment of Rs.10 million to undertake single-brand retail trading of its branded products, an official statement said.
A similar proposal on single-brand retailing came from Richemont Services for a joint venture to sell Cartier products in the country, it added.
Another proposal cleared by the minister is from GS Strategic Investments Ltd of Mauritius for pumping 20 percent equity, worth Rs.3 billion, in a company engaged in commodity broking and other related activities.
Similarly, GTL Infrastructure of Mumbai, whose proposal was also among those cleared, wants to induct foreign equity worth Rs.2.17 billion by way of an overseas float and will reduce the domestic stake, but only up to permissible limits.
A statement issued by the finance ministry said the 20 proposals entail foreign investment worth Rs.19.62 billion and were cleared after recommendation by the Foreign Investment Promotion Board (FIPB).
The other proposals included those from UTV Software Communications, Hathway Cable & Datacom, Tata Communications, Sumitomo Heavy Industry and Lafarge India.
- Government okays FDI proposals worth Rs.4,341 crore - Jan 13, 2011
- Finance ministry okays FDI in multi-brand retail - Nov 17, 2011
- Eight FDI proposals approved - Dec 15, 2010
- 16 FDI proposals worth over $20 million accepted - Jun 07, 2011
- Govt okays 19 FDI proposals worth $959 million (Lead) - Jan 13, 2011
- Amit Mitra shifts stand on FDI in retail - Nov 28, 2011
- Chhattisgarh shuts down against FDI in retail - Dec 01, 2011
- India allows 100 percent FDI in single brand retail (Roundup) - Jan 10, 2012
- India allows 100 percent FDI in single brand retail - Jan 10, 2012
- India clears 20 FDI proposals worth $373 million - Jan 10, 2012
- India opens doors to global retail chains (Roundup) - Nov 24, 2011
- 'Big-ticket reforms can alter perception of policy paralysis' - Nov 20, 2011
- India Inc welcomes 100 percent foreign equity in single-brand retail - Jan 10, 2012
- Fact sheet on India's retail trade industry - Nov 24, 2011
- Anand Sharma writes to parties clarifying FDI stance - Nov 28, 2011
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