By IANS,
New Delhi: Dubai-based jewellery and watch trading company Damas has secured approval for a single brand retail joint venture in India with an investment of Rs.1.8 billion ($36 million), an official statement said Tuesday.
The group’s proposal, among the 22 others approved by the Foreign Investment Promotion Board with an investment of Rs.5.6 billion (around $110 million), calls for a joint venture in India with 51 percent equity.
This is the maximum equity permitted for single brand retailing in India, which otherwise bans foreign equity altogether for multi-brand retail stores such as Wal-Mart, Tesco and Carrefour.
The Damas group has operations in 18 countries with around 450 stores and ranks among the leading jewellery and watch retailers in the Gulf region, its corporate website said.
Another large proposal approved by the board was from HP India Holdings of Mauritius, which has the Hyatt franchise in India, for a joint venture with an investment of Rs.1.25 billion ($25 million) to set up hotels in the country.
This apart, foreign institutional investor Lazard has also secured an approval for investing Rs.1.25 billion in its India fund.
The Paris-based Groupe Danone has also been allowed to invest in the country’s food processing sector to make beverages, biscuits, cereals, baby food and dairy products.