FIPB drops IKEA proposal from next meet agenda

IKEA's plan to open cafeterias at its proposed retail stores may be delayed further as the government has sought more information from the Swedish furniture major about its India investment plans.

The matter has not been listed for the next meeting of the Foreign Investment Promotion Board (FIPB), sources said.

The next meeting of the Board in the finance ministry is scheduled for January 18.

The finance ministry today said that proposal of Ingka Holding Overseas BV was "withdrawn" from the Board's meeting that took place on December 31. Ingka Holding Overseas plans to set up wholly-owned subsidiary to undertake single brand retailing of IKEA products.

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