India lets Zara brand owner sell Massimo Dutti products
NEW DELHI, Sept 27
NEW DELHI, Sept 27 (Reuters) - India on Friday approved a proposal by Spain's Inditex S.A., 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.
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.
But the Foreign Investment Promotion Board on Friday cleared the proposal as part of a go-ahead to 15 foreign direct investment plans worth 20.5 billion rupees ($330.3 million). ($1 = 62.0650 Indian rupees) (Reporting by Manoj Kumar; Editing by Anand Basu)
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