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DIPP clears IKEA's Rs 10,500-cr investment proposal, application waiting FIPB approval

By Religare
|

The Department of Industrial Policy and Promotion (DIPP), which is under the Commerce and Industry Ministry, has given its nod to Swedish furniture major IKEA, which is looking to invest Rs 10,500 crore, the largest in single brand retailing, to set up stores in India.

IKEA now need the approval of Foreign Investment Promotion Board (FIPB), said Commerce and Industry minister, Anand Sharma.

FIPB will meet on November 20 to consider the IKEA's application.

 

Once FIPB clears, the final approval would be given by the Cabinet Committee on Economic Affairs (CCEA) as the board can clear investment applications worth up to Rs 1,200 crore only.

Story first published: Monday, November 19, 2012, 9:30 [IST]
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