IKEA proposal before FIPB

Swedish furniture major IKEA, which proposes to invest Rs 10,500 crore to set up stores in India, has got Department of Industrial Policy & Promotion nod and its application is now with Foreign Investment Promotion Board, Commerce & Industry Minister Anand Sharma said.

The DIPP, has scrutinised the application of IKEA that wants to set up over 25 single-brand retail stores,Sharma said adding the proposal is now with the FIPB.

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