The Foreign Investment Promotion Board (FIPB) is likely to take up four proposals of global brands, including Decathlon and Fossil Inc, worth over Rs 750 crore for setting up single-brand retail stores in India during its next meeting scheduled on February 13.
“The FIPB, in its next meeting, is likely to take up proposals of French fashion brand Promod, France-based crockery maker Le Creuset, US-based accessories firm Fossil Inc and French sports giant Decathlon, to open retail stores, under the single-brand retail policy,” a source told PTI.
Last week, the Department of Industrial Policy and Promotion (DIPP) has sent the four proposals to the Board for its consideration, they added. In January 2012, India raised the FDI cap in single-brand retail to 100 per cent from 51 per cent.
Except Promod, other three brands (Le Creuset, Fossil Inc and Decathlon) have proposed to invest in 100 per cent single brand retail venture. “Among these 4 proposals, Decathlon has planned maximum investment of Rs 700 crore,” the source said.
Crockery maker Le Creuset operates a cash-and-carry business in India.