The Cabinet Committee on Economic Affairs (CCEA), on Thursday, approved the Rs.10,500-crore foreign direct investment (FDI) proposal of Swedish furniture major IKEA in the single-brand retail sector.

In its application, IKEA had proposed to invest the amount for setting up 10 furnishing and homeware stores as well as allied infrastructure over 10 years in India. Subsequently, it plans to open 15 more stores. Earlier, in January, the Foreign Investment Promotion Board (FIPB) had cleared the investment plan of the firm to open single-brand retail stores in the country.

More In: Industry | Business