New Delhi, Mar 22 (KNN) The government has approved 12 Foreign Direct Investment (FDI) proposals including single brand retailers such as Promod, Le Creuset and Fossil, involving the total FDI of Rs 2609.27 crore.

The approvals were based on the recommendations of the Foreign Investment Promotion Board (FIPB) at a meeting held last month, according to an official statement from the Finance Ministry today.

Among the proposals cleared were those of Promod - a French women’s fashion brand that boasts authentic French women’s wear with an FDI inflow amounting to Rs 29.69 crore; and Le Creuset – a French cookware maker and a pioneer in cast iron and colourful ceramic cookware with no fresh inflow of FDI.  Fossil is yet another clothing, accessories and watch brand that is approved and expected to bring in an FDI worth Rs 22.53 crore.

Retailers that are likely to bring in the highest FDI are Decathlon Sports a French sporting goods chain store with outlets around the world with FDI totalling a whopping Rs 800 crore; Japanese pharmaceutical Claris Otsuka with Rs 1050 crore - a joint venture between Claris Lifesciences Japan's Otsuka Pharmaceutical Factory Inc and Mitsui and Co Ltd;  and Glynwed Pipe Systems India that offers complete piping system solutions, consisting of pipe, fittings, valves, flow instrumentation and jointing accessories with FDI of Rs 800 crore. 

The other companies include - Menarini Raunaq Pharma, Al Shukur Company for Engineering and Construction, Yalamanchili Software Export, Aon Holdings B.V., Netherlands, ToCheungLee Stationery Mfg, Gagil FDI, and nine other financial institutions.

However, a proposal from Erica Healthcare was rejected.  (KNN)