Foreign Investment Promotion Board (FIPB) approved today the Swedish furniture retailer IKEA's proposal to start its operation in India. The proposal will now have to go to the Cabinet for vetting.
Earlier, IKEA said it plans to invest Rs 10,500 crore in setting up 25 single brand retail stores through its 100 per cent subsidiary.
The Swedish firm had decided to go ahead with the investments after the Government relaxed the 30 per cent sourcing clause from small and medium enterprises.