The government has allowed Swedish furniture major IKEA to invest Rs 10,500 crore — the biggest ever FDI proposal in single brand retail — for setting up home furnishing stores in the country. “Whatever proposal of IKEA was there has been cleared,” Information and Broadcasting Minister Manish Tewari said after the proposal was cleared by the Cabinet Committee on Economic Affairs.
“This is a big step in our journey to open IKEA stores in India,” IKEA India CEO Juvencio Maeztu said. The firm has proposed setting up 10 furnishing stores as well as allied infrastructure in over 10 years in India by investing Rs 10,500 crore.
Subsequently, it plans to open 15 more stores.