FIPB nod for IKEA’s Rs.10,000-cr proposal

In this photo taken on June 18, 2008, the IKEA logo is shown on the side of the warehouse-sized store during the grand opening of New York City's first IKEA in the Red Hook section of Brooklyn. The Swedish retailer has applied to invest a total of Euro 1.5 billion ($1.2 billion) to open 25 stores in India, India's Commerce Ministry Anand Sharma said Friday, June 22, 2012. (AP Photo/Mark Lennihan)

The Foreign Investment Promotion Board (FIPB), on Monday, cleared the Rs.10,000-crore investment proposal of Swedish furniture major IKEA to set up retail stores in the country with cafeterias.

“The proposal will now be placed before the Cabinet Committee on Economic Affairs (CCEA) for final approval,” sources said.

The FIPB, the nodal agency for approving FDI proposal, had earlier permitted IKEA to invest Rs.4,200 crore for opening single-brand retail stores.

With this apporval, IKEA would be able to open cafeterias in their stores. — PTI