No dilution of permission granted to Ikea: FinMin
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The finance ministry on Saturday said there is no dilution of the permission granted to the Swedish furniture major Ikea to set up its business here, as the Rs 10,500 crore investment proposal is limited to only single brand retailing.
"It is an incorrect understanding of the approval which has been given to Ikea. It's a single brand approval. So they can sell those items which they can brand," said Arvind Mayaram, secretary, economic affairs on the sidelines of the Asia Securities Forum meet here.
Earlier this week, the Foreign Investment Promotion Board had reportedly halved the product range that Ikea listed out at 30 items, reportedly excluding items including textiles, office supplies and food, among others.
Ikea, has already received approval from the Department of Industrial Policy and Promotion. "Whatever they can brand, they have been permitted to," Mayaram said, adding "I think, their core activities have all been permitted."