FDI in retail: Finance Ministry to soon take up UK-based Pavers' application

NEW DELHI: The Finance Ministry will soon take up the proposal of UK-based footwear and accessories retailer Pavers England, which has proposed to invest Rs 100 crore to set up single brand retail stores in India.

"The Department of Industrial Policy and Promotion (DIPP) has cleared the application. We have sent the proposal to Foreign Investment Promotion Board (FIPB)," an official said.

Pavers England has proposed to operate on its own in India. At present the firm sells products through its Chennai-based master franchisee Trident Retail in 23 exclusive stores across India and also through Reliance Footprint and Lifestyle retail outlets.

In order to attract foreign players, the government has relaxed sourcing norms in the sector.

"We will fast track all the proposals both in the single brand and multi-brand retail," the official added.

The government had in January notified 100 per cent FDI in single-brand retail, paving way for global brands and retailers to have full ownership of their Indian operations.

Established in 1971, Pavers retails its products at more than 100 retail outlets worldwide.

Pavers had formed a joint venture with London-based Foresight Group to tap growth opportunities in India.

In 2010, the UK-based firm had said it planned to 100 stores in India in five years. Later in 2011, the company announced an investment of $ 15 million (nearly Rs 70 crore) to expand presence in the Indian market.

Pavers England Footprints India CEO and Managing Director Utsav Seth had said company has been sourcing from India for almost a decade now.

The company also has a research and development centre in Tamil Nadu, one among four such centres in the world.