With approval given to their FDI proposals, investment inflow from luxury brands Armani and Cartier together will be around Rs 1.22 crore. The brands, with their respective joint venture partners, will set up their retail chains in India.
Finance Minister P Chidambaram had approved 20 foreign direct investment proposals recommended by Foreign Investment Promotion Board (FIPB) in its meeting held on March 28, 2008. The total FDI inflow from these 20 companies amounts to Rs 1,962.05 crore, said a release from the Press Information Bureau of Government of India.
The retailers among the lot include Glorio Armani Holdings BV, which will set up a joint venture (JV), retaining 51 per cent foreign equity, with DLF to undertake single-brand retail trading of Armani branded products. The FDI inflow from the company will be about Rs 1.02 crore, says the release.
Richemont Services BV will set up a new JV to undertake the business of single-brand retail trading under the brand name Cartier. The FDI inflow from the company will be Rs 0.20 crore.
The proposal of Power Plate (I) Pvt. Ltd for induction of foreign equity up to 50 per cent in a company has also been approved. The company will be engaged in the retailing of single-brand health and fitness equipment. The FDI inflow expected through this company is about Rs 0.50 crore.
The other proposals cleared are related to other ministries/departments including heavy industry, information and broadcasting, telecommunication and economic affairs.
