The FIPB has cleared three proposals worth Rs 106 crore pertaining to 100 per cent FDI in Single brand retail sector.
The proposals include that of Pavers England, Italian jewellery brand Damiani and, Brooks Brothers.
Pavers England plans to invest $20 million (approx Rs 100 crore) in the Indian venture. Currently, the company sells footwear in India through a franchisee agreement. In January 2012, Pavers Foresight Smart Venture Mauritius, an equal JV between the UK based Pavers and Foresight Group, had applied to invest $20 million in Pavers England, the Indian company retailing footwear, through a master franchise. Pavers England has been sourcing almost 40 per cent of its brand requirements from India and the rest from Vietnam, Italy and China. The master franchisee for Pavers England is Triton Retail. Pavers will invest in Triton or may acquire 100 per cent and take over the retail operations once it gets the go-ahead from the Central Government.
Damiani plans to set up a 51:49 JV with Mehta's. The Brooks Brothers has been given permission to invest Rs 6.22 crore in its recently-announced 51:49 JV with Reliance Brands, a unit of Reliance Industries.