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

More In: Companies | Business