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DIPP approves 2 FDI proposals in retail sector

DIPP approves 2 FDI proposals in retail sector

New Delhi: Two foreign direct investment (FDI) proposals, including that of Damro Furniture worth over Rs 400 crore were approved by the department of industrial policy and promotion (DIPP) in the retail sector.

Damro Furniture would undertake single brand retail trading of ‘Damro’ branded products in India, according to the DIPP’s Foreign Investment Facilitation portal.

The company had proposed to invest Rs 402 crore. Supr Infotech Solutions will carry out food product retail trading of milk and other daily need products.

The firm proposes to invest Rs 10.85 crore. The portal was set up after the winding up of the foreign investment promotion board.

FDI into the country grew 17 per cent to USD 25.35 billion during April-September this fiscal.

PTI