India gives nod to Christan Dior retail proposal

Noted fashion house Christan Dior Couture's proposal to inject foreign equity of up to 51 percent in a single brand retail trade company has secured the Indian government's nod, Indo-Asian News Service (IANS) reported Thursday.

IANS reported that Indian Finance Minister P. Chidambaram gave his approval to the fashion house to inject equity worth 270,000 U. S. dollars, along with 22 other proposals based on the recommendations of the Foreign Investment Promotion Board (FIPB).

The approvals given by the finance minister will result in foreign equity inflow worth 100 million U.S. dollars in areas including agriculture, food processing, energy and broadcasting, IANS said.

A proposal from the Bombay Stock Exchange (BSE) to induct foreign equity from four overseas investors and another from AL Khaleej Sugar of Dubai to set up a trading subsidiary to re-export imported raw sugar have also been approved.

Source: Xinhua