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German apparel brand Lerros to inject more moolah through FDI route

Lerros Fashions India Private Limited has got approval to inject Foreign Direct Investment from Germany in retail trade of apparel and accessories


January 22, 2009  |  comments ( 0 )  | 
Lerros Fashions India Private Limited has got approval to inject Foreign Direct Investment from Germany in retail trade of apparel and accessories under single brand called Lerros. This approval came from The Department of Economic Affairs (FIPB Unit), Ministry of Finance, Government of India vide Notification No.11(1)/2008-FIPB dated 7th January, 2009. Lerros Moden GMBH, German Multinational which owns the brand Lerros, has exclusive agreement with Lerros Fashions India Private Limited, the JV company with House of Pearl Fashions Limited, to launch the brand Lerros in India. In terms of the extant Foreign Direct Investment (FDI) Policy of the Government of India, 51% foreign direct investment is allowed under the FIPB route in case of retail trade of ‘Single Brand’ products. Lerros Moden GMBH, would make an investment not exceeding Rs.16,80,00,000 (approximately USD 35,00,000) in Lerros Fashions India Private Limited, which is equivalent to 40% of the total paid up capital. Mr. S. Ramprasad, CEO, Lerros India said, “The JV is a show of confidence from our principals Lerros Moden GmbH. It greatly strengthens the relationship with House of Pearl Fashions Ltd and Lerros Moden GmbH. It will enable Lerros India to take a long term view of the Indian market. The Indian market is envisaged as a good market for the brand.”
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