France’s Auchan plans to set up 60 stores in India: Anand Sharma

France-based Auchan, one of the world’s largest hypermarket chains, has plans to open 60 stores in India, Commerce and Industry Minister Anand Sharma said today. Global chairman of Auchan, Vlanney Mulliez had yesterday called on Sharma. “(Officials of) Auchan group met us yesterday…they want to open 60 stores in India,” he said when asked if […]

Nine FDI proposals worth Rs 1,140 crore cleared

Based on the recommendations of Foreign Investment Promotion Board (FIPB) in its meeting held on January 21, 2013, the Government has approved nine (9) Proposals of Foreign Direct Investment amounting to Rs.1140.14crore approximately. In addition, one proposal viz., M/s Ingka Holding Overseas B.V., amounting to Rs.10,500 crore, has been recommended for consideration of Cabinet Committee […]

Retail FDI fails to woo investors as doubts linger

When the Foreign Investment Promotion Board takes up four single brand applications in one go tomorrow, it clearly wants a positive message to go through to the international business community. A similar sentiment is believed to have guided FIPB, the key wing in the Finance Ministry for vetting FDI proposals, when it advanced its meeting […]

French sports goods retailer Decathlon to set up shops in India

French sports goods  giant, Decathlon , is planning to enter the Indian market as a single-brand retail chain, it is learnt. Currently present in the country as a cash-and-carry or wholesale operator, Decathlon has written to the government proposing to open retail stores in India, similar to the 20 other countries that it conducts business in. This […]

No dilution of permission granted to Ikea: Mayaram

The Finance Ministry today said there is no dilution of the permission granted to the Swedish furniture major Ikea to set up its business here, as the Rs 10,500 crore investment proposal is limited to only single brand retailing. “It is an incorrect understanding of the approval which has been given to Ikea. It’s a […]

IKEA may have to overcome infrastructure bottlenecks

Who is afraid of IKEA? Not us, claim Indian furniture retailers. Swedish furniture retailer IKEA may have got the nod from the Foreign Investment Promotion Board to start its venture in India, but furniture retailers who are already in the business, say that besides playing on the price point and product range, IKEA will have […]

Ikea’s consumer challenge in India

If news reports are to be believed, next week the Foreign Investment Promotion Board (FIPB) is likely to clear Swedish furniture maker Ikea’s application to invest €1.5 billion (over Rs.10,000 crore) in opening stores in India. Ikea, the popular chain selling furniture and all things needed to set up a home, is entering the country […]

FinMin likely to take up IKEA’s Rs 10,500cr proposal on Nov 20

After clearing three-single brand FDI proposals in one go, the Finance Ministry is likely to take up on November 20, Swedish home furnishing major IKEA’s application to invest Rs 10,500 crore — the largest so far in the segment. After scrutiny of the application by the industry department, sources said IKEA’s investment proposal to set […]

Sony Pictures hopes to seal MSM deal soon

Sony Pictures Television hopes to close the proposed deal of buying about 32 per cent held by Indian promoters in Multi Screen Media Private (MSM), which runs Sony Entertainment Television in India, by March 31, 2013. “We hope to close the deal by the end of this financial year, after which the Indian venture would […]

Local single-brand retailers like Fabindia, Hidesign, Nalli to access foreign funds

NEW DELHI: The government has exempted Indian single brand retailers from the purview of a controversial provision that restrained them from raising funds from foreign private equity funds and overseas investors. This clarification paves the way for single brand retailers such as Fabindia, Hidesign, Nalli, Gitanjali Gems, Lilliput, and Gini & Jony to access foreign […]