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IKEA's FDI proposal may soon get CCEA nod
30 Apr '13
1 min read
The Cabinet Committee on Economic Affairs (CCEA) is likely to consider Swedish retailer IKEA’s Rs. 105 billion foreign direct investment (FDI) proposal at its meeting on May 1, 2013.
Ahead of the CCEA’s meeting, IKEA’s India country manager Juvencio Maeztu discussed the company’s plan with Commerce and Industry Minister Anand Sharma, Zee News reported quoting PTI.
In January this year, the Foreign Investment Promotion Board (FIPB) had cleared the Swedish home furnishings retailer’s investment proposal to open single-brand retail stores across the country.
Since the FIPB can directly clear investment proposals only up to Rs. 12 billion, IKEA’s proposal needs to be cleared by the CCEA also.
IKEA’s Rs. 105 billion proposal includes setting up 10 furnishing and homeware stores as well as related infrastructure over a period of ten years in India. Subsequently, the company plans to add 15 more outlets.
IKEA’s investment would be the largest since the Government of India allowed FDI in single-brand retail last year.
Fibre2fashion News Desk - India
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