3 new FDI proposals cleared

The Hindu Business Line reports that the government has approved three new companies to enter the Indian market in single brand retailing via joint ventures. Spanish company Lladro Commercials will be investing Rs. 5.85 crore in Spa Agencies (India) to increase its equity from 26% to 49%. Sri Lanka based Damro Exports Private Ltd will be taking a 51% stake in Damro Furniture Private Ltd, a Chennai based company, to sell furniture under the Damro brand. Italian company Rino Greggio has also been permitted to set up a joint venture to sell silverware and other products. So far, a total of 22 FDI projects worth Rs. 896.25 crore have been cleared.