New Delhi: The Government has referred the proposal of FDI in single brand retail by Lee Cooper to the Foreign Investment Promotion Board along with that of Fab India.
More details have been also sought from coffee retail chain Starbucks.
The proposal for FDI by Fab India and Lee Cooper was placed in the FIPB meeting on February 2, 2007, Commerce and Industry Minister Kamal Nath told the Rajya Sabha in a written reply.
He informed the Rajya Sabha that 11 proposals for FDI in single brand retail have so far been approved. These include those by Louis Vuitton, Fendi International and Damro.
Since the policy announcement in February 2006 allowing up to 51 per cent FDI in single brand retail, 25 proposals have been received of which three have been rejected while 11 proposals are under examination.
Minister of State for Commerce Jairam Ramesh, replying to a question in Rajya Sabha, said a petition has been filed with the office of the US Trade Representative (USTR) with regard to jewellery and non-electric lamps being included in the list of items for which duty free access to American markets would not be extended from 2007.
During the 2006 Annual Review for products under the Generalised System of Preferences Scheme of the US, USTR has proposed to review precious metal articles of jewellery, non electrical lamps and light fittings, hand hooked carpets and other textiles floor coverings, tufted, whether or not made up of wool or fine animal hair.
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