Home Retail M&S, Giordano and Pearle Europe’s FDI proposals cleared

    M&S, Giordano and Pearle Europe’s FDI proposals cleared

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    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 has approved (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.

    Plc is another retailer amongst 28 companies whose proposals of have been cleared. 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.