SME Times News Bureau | 03 May, 2013
The Indian government Thursday
approved the Swedish furniture firm IKEA's Rs.10,500 crore investment
proposal in single brand retail business.
The Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh cleared the proposal at a meeting here.
"The
Cabinet Committee on Economic Affairs today gave its approval to the
proposal of M/s. Ingka Holding B.V., Netherlands, as recommended by the
Foreign Investment Promotion Board (FIPB)," an official statement
released after the meeting said.
"The approval would result in FDI inflows amounting to Rs.10,500 crore approximately into the country," it said.
