'Shein deal will not need FDI approval'

New Delhi: Chinese online fast-fashion retailer Shein won't require foreign direct investment (FDI) approval for its partnership with Reliance Retail Ventures Ltd, considering that it will not hold equity in the new operations, government officials said on Friday. The entity will be controlled by a wholly-owned subsidiary of Reliance Retail, they added. But, if Shein decides to invest in India, it would require clearance under press note 3, an amendment which was introduced in the FDI policy in 2020. Amid heightened Sino-India tensions, the Centre had made an amendment to prevent potentially exploitative takeovers of domestic firm by Chinese entities….