New Delhi, Jan 21: The Finance Ministry today cleared Rs 10,000-crore investment plan of Swedish Furniture major IKEA to open single-brand retail stores, a development which will be underscored by Indian representatives at WEF meet in Davos to lure investors.
“IKEA case has been cleared by Foreign Investment Promotion Board (FIPB) and will now be placed before Cabinet Committee on Economic Affairs (CCEA) for final approval,” a source said.
“Yes,” Commerce and Industry Minister Anand Sharma said when asked if IKEA's proposal has been cleared in toto.
After CCEA's nod, IKEA would be able to open cafeterias at its proposed retail outlets.
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