FIPB drops IKEA proposal from next meet agenda, seeks more info
PTI: New Delhi, Jan 16 2013, 02:34 IST
approval to sell items such as textile products, consumer electronics, leather products, lifestyle products, and food and beverages to be served at its restaurants and cafes.
IKEA, the world's largest furniture retailer, plans to set up 10 furnishing and homeware stores as well as allied infrastructure in over 10 years in India. Subsequently, it plans to open 15 more stores.
While India allows FDI in most of the sectors through automatic route, foreign investments in certain sectors require FIPB approval. Also, investment plans of over Rs 1,200 crore require CCEA clearance.
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