India's first proposal for 100 percent FDI in single-brand retail could get Foreign Investment Promotion Board (FIPB) nod on October 19. The proposal is by luxury shoe-maker Pavers England. CNBC-TV18's Rituparna Bhuyan reports.
The proposal is basically by Pavers Foresight Smart Ventures, Mauritius. It wants to bring in about USD 20 billion for a 100% subsidiary.
Recently, it had clarified to the Indian government it is the whole and sole owner of the Pavers brand and that basically paved the way for the FIPB to take up this proposal. The company wants to increase its footprint in the Indian market through the wholly-owned subsidiary route. Currently, it’s present in the Indian market through the franchise model.
One needs to wait and watch when the FIPB takes up the big ticket proposal of IKEA, which plans to invest about 1.5 billion euro in the Indian market. More on FDI in retail: SC tells govt to amend FEMA rules in 2 weeks
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