New Delhi, Sept. 27 (Agencies): The Foreign Investment Promotion Board (FIPB) today approved a proposal by Spain’s Inditex, the world’s largest clothing retailer and owner of the Zara brand, to sell its Massimo Dutti line of apparel, footwear and other products.
Earlier, an application by Inditex unit Zara Holdings to sell the more upscale brand through a joint venture with Tata Group’s retail arm, Trent Ltd, was rejected.
The Inditex proposal was one of the 15 foreign direct investment plans, worth Rs 2,000 crore, cleared by the FIPB today.
Among the other proposals cleared were those of IDFC Trustee Company and US drug major Mylan.
Mylan proposes to acquire Agila Specialties Pvt Ltd — a subsidiary of Strides Arcolab. It involves FDI worth Rs 5,168 crore.
Other plans to get the green signal include Jubilant Pharma Pte, Singapore (Rs 1,145.10 crore), Lotus Surgical Specialities (Rs 150 crore), Symbiotec Pharmalab (Rs 306.19 crore) and Advanced Enzyme Technologies (Rs 200 crore).