FinMin sends IKEA’s FDI proposal to Cabinet

“One proposal viz Ingka Holding Overseas BV,amounting to Rs 10,500 crore,has been recommended for the consideration of CCEA,” said an FIPB statement.

Written by FE | New Delhi | Published:February 28, 2013 12:34 am

The Foreign Investment Promotion Board (FIPB) has recommended the Rs 10,500-crore investment proposal of Swedish retailer Ikea to the Cabinet Committee on Economic Affairs (CCEA) for approval.

“One proposal viz Ingka Holding Overseas BV,amounting to Rs 10,500 crore,has been recommended for the consideration of CCEA,” said an FIPB statement.

The proposal has already been scrutinised by the department of industrial policy and promotion and will now have to be cleared by the CCEA. Ikea plans to invest Rs 4,200 crore in the first stage and Rs 6,300 crore in the second in 25 retail stores in the country.

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