The Department of Industrial Policy & Promotion (DIPP) will forward Swedish furniture retailer Ikea’s Rs 10,500-crore investment proposal to set up retail stores in India to the Cabinet Committee on Economic Affairs (CCEA) next week, Commerce and Industry Minister Anand Sharma has said.
The Foreign Investment Promotion Board, that has already cleared the proposal in its meeting earlier this year, has sent the minutes of the meeting to the DIPP following which it can now forward the proposal to the CCEA.
The company needs a go-ahead from the CCEA before it starts its operations in India as the proposed investment is more than Rs 1,200 crore.
“It is just a procedural matter. The FIPB has already cleared the proposal,” Sharma told reporters at the sidelines of an event organised by the Indian Institute of Foreign Trade on Thursday.