India approves foreign investments worth $308 mln

Enlarge Photo A logo is seen on clothes hangers in a Marks & Spencer store in the...

Fri, Jul 4 06:24 PM

NEW DELHI (Reuters) - India on Friday cleared 28 foreign direct investment proposals totalling 13.28 billion rupees ($308 million), including those of Marks & Spencer and a joint venture involving EID Parry (India) Ltd.

British retailer Marks & Spencer has been permitted to bring in 51 percent of FDI for single-brand retail operations, the finance ministry said in a statement.

Parryware Roca, an equal joint venture between EID Parry and Spain's Roca to produce sanitary products, was permitted to increase foreign holdings to 100 percent from 50 percent, with an investment of 7.41 billion rupees, the government said.

EID Parry said in April it would sell 47 percent of its stake in the venture for 111.15 million euros ($174.5 million).

(1 euro = $1.57)

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