Cafes to cosmetics, Ikea to offer the whole basket

Jan 17 2013, 09:00 IST
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Commerce and Industry minister Anand Sharma at the Idea Exchange on Wednesday. Renuka Puri Commerce and Industry minister Anand Sharma at the Idea Exchange on Wednesday. Renuka Puri
Summary* Proposal to be brought in as additional item at FIPB’s next meeting

Subsequently, the FIPB deliberated on the representation at its meeting on December 31, 2012 and sought clarifications from the company. Once the FIPB clears the company’s proposal, it will go to the Cabinet Committee on Economic Affairs (CCEA) as is the norm for all foreign investment proposals exceeding Rs 1,200 crore.

The government in September 2012, relaxed a provision requiring single brand retailers to source at least 30 per cent of their requirements from small and medium enterprises, modifying rules to say it was “preferable” rather than “mandatory”. Ikea will operate in India through its wholly-owned subsidiary Ingka Holding Overseas BV and the investment of Rs 10,500 crore will be the largest by a single-brand retailer in India.

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