Following recommendations of Foreign Investment Promotion Board (FIPB) in its recent meeting, the centre has approved a proposal of Wacoal International Hong Kong Co. Ltd. for foreign direct investment (FDI) in single brand retail trading (SBRT).
Wacoal International had sought approval to set up a joint venture with 51 per cent equity participation for undertaking single brand retail trading of products under the brand name ‘Wacoal’. The remaining 49 per cent of the equity share will be held by an Indian partner.
Wacoal, which specialises in women’s lingerie, has proposed to bring FDI of 255,000 US Dollar about Rs 1.58 crore into India.