Cartier is reported to be interested in launching a retail venture in India, beginning with opening a boutique in New Delhi, to be followed by in Mumbai, Bangalore and Chennai. Presently, it is awaiting regulatory approval. %% The Indian law states that single-brand foreign retailers are permitted to invest up to 51 percent in a joint venture with a local firm. Richemont had recently forwarded its FDI proposal to set up the Cartier joint venture with its Indian partner Navratna Bharat Retail Pvt. Ltd., at Rs.20 lakh ($50,000) investment.