India Government clears Pavers England's single brand FDI proposal

UK-based Pavers England is the first single brand retailer to enter India after the Government eased norms for 100 per cent foreign direct investment (FDI) in the sector in September this year. The government has approved the footwear company’s Rs 98.26 crore proposal. The government approved 12 FDI proposals worth about Rs. 706.6 crore on the recommendations of the Foreign Investment Promotion Promotion Board (FIPB), the statement said. Another foreign brand, furniture maker, IKEA, may be considered by FIPB later this month. The Swedish company proposes to invest Rs 10,500 crore in India. The government had already hiked FDI in Single Brand retail to 100 per cent from 51 per cent last year.