Armani, India's DLF in retail joint venture -report

MUMBAI, Feb 19 (Reuters) - Italian designer Giorgio Armani's firm has signed a joint venture with India's most valuable real estate firm, DLF Ltd (DLF.BO: Quote, Profile, Research, Stock Buzz), the Economic Times said on Tuesday, citing an application made to the Foreign Investment Promotion Board.

Giorgio Armani Holding BV, a wholly-owned subsidiary of the Italian firm, will take 51 percent in the venture, the paper said, the maximum allowed for a single-brand foreign retailer in India.

Armani will bring 10 million rupees ($250,000) to the venture, which would "also act as a wholesaling firm supplying Armani-branded products to other independent retailers", it said.

The first Armani stores would be set up in New Delhi, it said.

A spokesman for DLF declined comment.

In December, the Foreign Investment Promotion Board approved an investment of 365 million rupees by Dolce & Gabbana in a 51:49 joint venture with DLF.

Luxury fashion brands are stepping up their presence in India to tap rising incomes in Asia's third-largest economy. (Reporting by Rina Chandran; Editing by John Mair)