Franchise Association of India (FAI) and Franchise Plus magazine Tuesday announced the opening of nominations for 'Indian Franchising Awards, 2007,' one of the most prestigious awards in this industry.

'The award is an initiative to identify and recognise best practices in the business of franchising in India by honouring outstanding players with a proven record of exceptional success across various categories,' Anurag Batra, president northern chapter of FAI said here Tuesday.

'The process of selection of nominees for the Indian Franchising Awards 2007 will involve a comprehensive industry poll that would be conducted across the country and a self-nomination option based on a pre-defined parameters,' he added.

The franchise market in India is estimated to be around $2.7 billion with over 700 franchise systems already operating. The franchise industry is expected to grow by 35 percent per annum.

'With the growth of entrepreneurial skills a rise in income, India is a potential breeding ground for franchising industry. The retail revolution has brought many brands to India and franchising industry provides it the required resources to expand in a vast country like India,' C. Y. Pal, president FAI said while addressing a press conference.

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