DIPP clears Reeboks proposal to set up retail stores in India

first_imgNew Delhi, Oct 24 (PTI) The Department of Industrial Policy and Promotion today approved Reebok Indias proposal to set up single brand retail stores in the country. “The proposal to undertake single-brand retail trading of Reebok branded products in India has been approved. It entails foreign direct investment (FDI) inflows of Rs 20 crore,” official sources said.Reebok India had sought governments nod to set up single brand retail stores in the country. The company had submitted its proposal to the Department of Industrial Policy and Promotion (DIPP). At present, Germanys Adidas AG sells Adidas and Reebok sports shoes and clothes in India. As per the foreign direct investment (FDI) policy, 100 per cent equity investment is allowed in single brand retail trading. FDI of up to 49 per cent is permitted under the automatic route but governments nod is required beyond that limit.Foreign investment is allowed subject to certain conditions, which require products to be of a single brand only and to be sold under the same brand globally. Furthermore, in respect of proposals involving FDI beyond 51 per cent, it is mandatory to source 30 per cent of the value of goods purchased from India, preferably micro small & medium enterprises. PTI RSN MKJlast_img read more

UNDER THE NTL SPOTLIGHT…BELINDA HAMMETT

first_imgThe 2007 National Touch League is Australia’s most prestigious touch football tournament. Throughout the tournement Touch Football Australia will be profiling some of the biggest names in the game who are in action at the showcase event.Todays spotlight is on Sharks Womens 20s and Australian Womens 20s squad member Belinda Hammett.To read Hammett’s profile click here.last_img