UPA Cabinet Clears IKEA FDI - Thursday May 02,2013

The Cabinet Committee on Economic Affairs (CCEA), on Thursday May 02,2013 approved the Rs.10,500-crore foreign direct investment (FDI) proposal of Swedish furniture major IKEA in the single-brand retail sector

IKEA had proposed to invest the amount for setting up 10 furnishing and homeware stores as well as allied infrastructure over 10 years in India. Subsequently, it plans to open 15 more stores.

Note
In Jan 2013,the Foreign Investment Promotion Board (FIPB) had cleared the investment plan of the firm to open single-brand retail stores in the country