Future Retail, India's largest listed retail firm, has sought the Foreign Investment Promotion Board’s (FIPB) nod to increase foreign institutional investors (FIIs) holding in the firm to 49% from existing 24%. With this initiative, the company aims to attract foreign capital without running into the stringent conditions associated with bringing in a foreign strategic partner.
Last year, the entity had sought clearance from the central bank to increase FII investments and then the company has approached FIPB, the nodal agency to approve foreign investments in the country, on the behest of the Reserve Bank of India.
