Thursday, 5 April 2012

British footwear co Pavers to invest $20 mn to set up local chain; first foreign retailer to plan 100%-owned ops

UK-based footwear company Pavers Ltd, which sells premium leather footwear under the Pavers England brand, has become the first foreign retailer to seek government approval to operate without a local partner after 100% foreign investment was allowed in single-brand retail.

Pavers has approached the Foreign Investment Promotion Board (FIPB), the nodal agency that clears investments entering India, with a proposal to invest $20 million through its joint venture with London-based Foresight Group, a person with direct knowledge of the development said.

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