The Foreign Investment Promotion Board (FIPB) has cleared the Rs. 10,000-crore proposal of the Swedish furniture co. Ikea to set up retail stores with cafeterias. The proposal is to receive the final nod from the Cabinet Committee on Economic Affairs (CCEA).
The FIPB had earlier permitted Ikea to invest Rs. 4,200 crore for single-brand stores. With this approval, it will be able to open cafeterias as well in their stores. It plans to invest in single-brand retail in India through a 100-per cent subsidiary.