The Cabinet on Thursday cleared the bill to increase foreign direct investment to 51% in multi-brand retail and 100% in single brand.
Nikhil Chaturvedi, managing director of Provogue says, it should have a very positive impact for the entire industry and for the company. According to him, the biggest thing is that Indian companies will now be able to attract huge amount of investment from international markets. Below is the edited transcript of his interview with Latha Venkatesh and Sonia Shenoy of CNBC-TV18. Also watch the accompanying video. Q: Can you take us through what sort of formats your company runs? How exactly would you benefit from either single brand retail or multi brand? A: Single brand retail and multi brand retail being allowed in India is an essential point for investors and us. We run the fashion brand Provogue. We have formats within the mall business, which have multiple brand, entertainment centre all connected with retail. We are in quasi retail play and in retail play, in both the areas of our business. So, we are very-very excited. News is fantastic. I think it should have a very positive impact for the entire industry and for us. Q: WonDiscover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
