India clears entry of US retailer Brooks Brothers
NEW DELHI (AFP) - India's foreign investment regulator on Friday cleared an application from US luxury-clothing retailer Brooks Brothers to set up stores for the first time in the booming South Asian market.
Brooks Brothers, the oldest US clothing retailer, announced in June a plan to set up a joint-venture with Reliance Brands, an arm of Reliance Industries controlled by India's wealthiest man Mukesh Ambani.
India's Foreign Investment Promotion Board announced in a statement it had cleared the application of the US high-end apparel retailer which introduced the first ready-to-wear suits in 1845.
Brooks Brothers is one of a clutch of foreign companies entering the US$500-billion (S$610 billion) Indian retail market after moves by the government to open its doors wider to overseas investment.