The Central Government on Friday indicated that it would soon notify the 100 per cent foreign direct investment (FDI) in single-brand retail cleared by the Union Cabinet on November 24, 2011, paving the way for global chains such as Adidas, Nike, Louis Vuitton, Hermes and Gucci to have full ownership of their India operations.
Talking to reporters at a function organised by the Cement Manufacturers' Association here, Department of Industrial Policy and Promotion (DIPP) Secretary P. K. Chaudhary, in reply to a question on when the single brand FDI would be notified, said it would be done soon.
Removal of investment cap would help global fashion brands especially from the U.S., Italy and France to strengthen their interest in the growing Indian market.
Most of the big names have already set up their operations in the country in joint venture with Indian partners.
The new policy would allow them to buy out the domestic partners.
On FDI in multi-brand retail, Mr. Chaudhary said the government would reach out to domestic retailers by holding consultations later this month and evolve a consensus.