IKEA’s proposal now with FIPB, says Sharma
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Swedish furniture major IKEA, which proposes to invest Rs 10,500 crore to set up stores in India, has got Department of Industrial Policy and Promotion nod and its application is now with Foreign Investment Promotion Board, Commerce and Industry Minister Anand Sharma said.
The Department of Industrial Policy and Promotion (DIPP), which is under the Commerce and Industry Ministry, has scrutinised the application of IKEA that wants to set up over 25 single-brand retail stores in the country over a period of time.
Referring to IKEA's proposal, Sharma said, it has been "approved by us, now it is with the FIPB." It will meet the parameters of the policy and all conditions, he said en route to Phnom Penh along with Prime Minister Manmohan Singh.
The FIPB, which will meet on November 20, would take up the IKEA's application. After FIPB's clearance, the proposal will have to be finally approved by the Cabinet Committee on Economic Affairs (CCEA).