Swedish Home Furnishing Major IKEA’S Investment Proposal Approved - Tuesday Nov 20,2012

Swedish Home Furnishing Major IKEA’S proposal to invest Rs 10,500 crore for setting up shops in India got the government investment promotion board’s approval on Tuesday Nov 20,2012

This is the largest investment in the single brand retailing in the country ever since the government relaxed rules for investment in the sector in January. IKEA proposes to invest in single-brand retail trading through a 100 per cent subsidiary, and plans to set up 25 stores in the country.

The proposal, however, awaits approval of the Cabinet Committee on Economic Affairs, as the Foreign Investment Promotion Board (FIPB) can clear investment applications worth up to Rs 1,200 crore only.