The approval is subject to the following conditions: the products sold should be of a "single brand only", should be sold under the same brand internationally, and would cover only products that are branded during manufacturing.

Products "sold under the same brand internationally" means that products should be sold under the same brand in one or more countries other than India.

"The FDI decision is on the agenda of the CCEA''s next meeting," Khatua added.

"We have recommended a pattern for the government to follow. This should come into effect any time soon, say by year-end," Khatua said.

The government is understood to have arrived at a consensus on the foreign investment limit for commodity exchanges, which is set to be pegged at 49 per cent, on the lines of bourses. While the FDI limit will be capped at 26 per cent, FIIs can take up to 23 per cent.

FMC has given permission to Multi Commodity Exchange (MCX) to reduce its promoters'' stake to 38 per cent, in line with its that promoter holding in commodity exchanges could be up to 40 per cent, Khatua said.