New Delhi, Jun 6 (PTI) Reebok India has sought government’s nod to set up single brand retail stores in the country. Also Read - New Delhi, Goa and Mumbai Top Booked Destinations by Indians During Valentine’s Week
The company has submitted its proposal to the Department of Industrial Policy and Promotion (DIPP). Also Read - Mughal Gardens to Open For Public From THIS Date, Entry Through Online Booking Only | Check Timing, Other Details
“The DIPP is looking at the application,” an official said. Also Read - Costliest 'Ghagra'? Drugs Worth Rs 1.7 Crore Hidden in Lehengas That Were Being Sent to Australia
At present, Germany’s Adidas AG sells Adidas and Reebok sports shoes and clothes in India.
An email to Reebok in this regard did not elicit any response.
As per the foreign direct investment policy, 100 per cent equity investment is allowed in single brand retail trading.
FDI of up to 49 per cent is permitted under the automatic route but government s nod is required beyond that limit.
Foreign investment is allowed subject to certain conditions, which require products to be of a ‘single brand’ only and to be sold under the same brand globally.
Furthermore, in respect of proposals involving FDI beyond 51 per cent, it is mandatory to source 30 per cent of the value of goods purchased from India, preferably MSMEs.
This is published unedited from the PTI feed.