According to the Press Information Bureau’s release, based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on June 24, 2008, Finance Minister P Chidambaram has approved Giordano Fashions (India) Pvt. Ltd’s proposal to establish a chain of single-brand retail stores.
The fresh FDI inflow from Giordano will amount to Rs 5.09 crore.
Marks & Spencer Plc is another retailer amongst 28 companies whose proposals of foreign direct investment have been cleared. Marks & Spencer has been allowed induction of 51 per cent FDI for single-brand retail trading.
The list also includes Pearle Europe BV’s name. The company had proposed induction of 50 per cent FDI for single-brand retail trading.
All 28 proposals of foreign direct investment amount to fresh FDI inflow of approximately Rs 1,328 crore. The proposals relate to ministries/departments, namely chemicals and petro-chemicals, industrial policy and promotion, information and broadcasting, urban development, tourism and economic affairs.