Retail in Asia

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Italy keen to bring FDI in fashion, textiles in India

Terming India’s decision to allow 100 percent foreign direct investment (FDI) in single-brand retail as a "revolution", Italy on Friday said several companies have shown interest in setting up stores in the country.

Italian Trade Commissioner Erica Di Giovancarlo said businessmen of both the countries can collaborate in sectors like automobiles, fashion and textiles through joint ventures.

"This decision (allowing 100 percent FDI in single – brand) of the government is a revolution in this market. I am sure it will catch interest of lot of companies…," Giovancarlo told PTI.