Italian luxury retailer Bulgari and men’s luxury lifestyle brand Stephano Ricci and Walt Disney’s FDI proposals have been approved by the Foreign Investment Promotion Board, according to a leading daily.
Around 26 out of the 32 proposals were cleared by FIPB including some from the pharmaceutical sector. The FIPB has also given a nod to Lladro’s foreign investment proposal. Lladro’s, retails luxury porcelain figurines, the paper reported.
Bulgari exited India in April 2011 after working with a local firm for seven years. The jewellery and luxury brand had approached DIPP with its proposal in September 2013.
According to the officials, all the FDI proposals for single-brand retail need to be submitted to DIPP and then forwarded to the FIPB.
India has introduced significant changes in the single-brand policy after retailers keen in the Indian market like Ikea demanded a policy revision. At present, the new government plans to further relax the FDI rules to encourage more foreign capital investment in the country.
Other proposals considered by FIPB included BNP Paribas India and Speciality Restaurants, among others.