Lladro gets permission to enter Indian retail market

The Telegraph reports that Spanish porcelain manufacturer Lladro has been approved by the Foreign Investment Promotion Board (FIPB) to enter in the Indian market. The company has set up a joint venture with Spa Agencies to open retail stores in India. Lladro will hold a 24% stake in the venture with an option to increase it to 49% by 2009. The new company will be called Lladro India and its parent company will invest Rs. 225 million to establish its stores.