SP Investments International, the international investment arm of the Jolly Roger Group has bagged the first retail FDI license issed in India. Amina Aziza, spokesperson for the company said in a press conference today that the Government of India had approved their license to invent in retail services in the country. The company would register a fully owned Indian subsidiary and begin operations in the next couple of months.
Ms Aziza said that the company would begin operations in cities and towns along the coastline, Lakshadweep, and the Andaman and Nicobar islands, before moving inwards into the country. The first set of retail outlets would be started in cities such as Mumbai, Mangalore, Chennai, Thiruvananthapuram, Kolkata, which are the more densely populated cities along the Indian coastline. In a separate note, Mr J. BlackBeard, the CEO of Jolly Roger Group, which is the parent company of SP Investments International, thanked the Indian government for approving the license and also commended the employees of SP Investments for their efforts.
FDI in retail was approved after a prolonged debate between political parties. The Congress which heads the current coalition faced opposition from within the coalition.
SP Investments is based out of Somalia and already has investments in marine transportation and marine security.
(SP Investments : Somalian Pirates' Investments)