The Foreign Investment Promotion Board (FIPB) on Friday approved a proposal by Spain's Inditex SA, the world's largest clothing retailer and the owner of the Zara brand, to sell its Massimo Dutti line of clothing, apparel, footwear and other products in India.
India had rejected an application by Inditex unit Zara Holdings BV to sell the more upscale brand through a joint venture with Tata Group's retail arm, Trent Ltd, in July, 2012.
The investment board (FIPB) cleared the proposal as part of a go-ahead to 15 foreign direct investment (FDI) plans worth Rs 2,000.5 crore.
Copyright @ Thomson Reuters 2013
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