New Delhi : Government on Monday said it has approved 89 proposals for foreign investment in single brand retail trading (SBRT) and one in the multi-brand sector up to March.
“The government has approved 89 proposals for foreign investment in single-brand retail trading and one for foreign investment in the multi-brand retail trading sector up to March 2016,” Commerce and Industry Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.
In February 2006, the government permitted 51 per cent FDI in the single brand sector. In 2012, it raised the cap to 100 per cent.
The companies whose SBRT proposals got approval include IKEA, H&M, Adidas, Swarovski International Holding and Montblanc, reports PTI.
In the multi-brand retail sector, the government has approved the proposal of Tesco Ove rseas Investments Ltd. Replying to a separate question, she said that at present there is no proposal under consideration of the government to review the FDI policy in local newspapers and magazines.
