Indian government approves Damiani’s FDI proposal

Italian luxury brand Damiani has received approval from the government of India for its proposed Foreign Direct Investment proposal in single brand retail, through a 51:49 joint venture with Mehta's Pvt Ltd. In which 51 percent would be foreign investment, reports say.

Including Damiani, the government approved a total of three proposals for Foreign Direct Investment in single brand retail, valuing upto Rs 106 crore in total. The other two proposals approved were from American clothing retailer Brooks Brothers and UK's footwear chain Pavers England. The proposals were cleared by the Foreign Investment Promotion Board (FIPB), reports say.