French apparel company Celio, which had formed a 50:50 joint venture with Indian retail giant Future Group, has filed an application with the Indian government to increase its stake in the venture by “up to 100 percent”. According to news reports, while the application was filed two to three months back, it is currently under consideration by the Foreign Investment Promotion Board (FIPB) and is likely to see some movement over the next two months.

The government recently increased the permissible limit of foreign direct investment ( FDI) to 100 percent in the single brand retail sector. The company is currently keen on increasing its stake to a majority and it may even look at buying out the entire stake in due course of time, one person said, on condition of anonymity.

Celio currently has 30 standalone stores and is present through 97 shop-in-shop formats across the country.