Not satisfied with government's welcome mat, IKEA demands more approvals
"The IKEA Group must have the ability to retail its entire range of products in India as is being done globally in every country, where IKEA stores are located. This is as per the IKEA concept," a company spokeswoman said.
She said the IKEA Group has clarified to the Indian government on the categories of products that it can sell here based on its global concept and range.
"It is not the intention of IKEA Group to seek a general or broad approval for a wide variety of products. We are true to our application that we submitted in June 2012 and we have not submitted a fresh proposal," the spokeswoman added.
In that application the company had proposed to invest Rs 10,500 crore over a period of time by set up 10 furnishing and homeware stores as well as allied infrastructure over 10 years in India. Subsequently, it plans to open 15 more stores.
The FIPB had, however, in its November 20 meeting cleared investment of only Rs 4,200 crore by IKEA and forwarded the proposal to Cabinet Committee on Economic Affairs (CCEA) for consideration as proposals of FDI over Rs 1,200 crore requires CCEA nod.
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