CCEA likely to take up IKEA investment proposal soon: Sharma

Tags: CCEA, Ikea, Sharma, News
The Cabinet Committee on Economic Affairs (CCEA) is likely to take up Swedish home furnishings retailer IKEA's Rs 10,500 crore investment proposal soon, Commerce and Industry Minister Anand Sharma said today.

Though the world's largest furniture maker had received the FIPB approval earlier, this as well as fresh proposal from the Swedish retailer that was subsequently cleared will have to be approved altogether.

FIPB can clear investment proposals worth up to Rs 1,200 crore. As IKEA's planned investment is higher than this, the proposal has to be cleared by the Cabinet.

CCEA will now have to a clear the total proposals of Rs 10,500 crore of the Swedish company which includes stores and cafeterias.

"It (IKEA's proposal) will go to the CCEA," he told reporters after the India-UK CEO Forum meeting here.

Asked about a tentative timeline for the CCEA approval for the proposal, Sharma hoped it would be taken up soon.

The Rs 10,500 crore investment proposal in India through IKEA's 100 per cent owned subsidiary is for opening 25 retail stores across the country.

The India-UK CEO Forum meeting was attended by Tata Group Chairman Emeritus Ratan Tata, Godrej Group Chairman Adi Godrej, ICICI Bank Chief Chanda Kochhar, ITC Group Chairman Y C Deveshwar, Standard Chartered CEO Peter Sands and Balfour Beatty Plc Chief Executive Officer Ian P Tyler.

The British business delegation is part of the entourage of British Prime Minister David Cameron, who is on a three-day visit to India.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Back from the US of A, Modi will now have to walk the talk

    It would be no overstatement to suggest that prime minister Narendra Modi’s five-day trip to the US was an exercise in PR diplomacy.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Simon J Evenett

Where the mind leads, actions follow

Whether in business, government, non-profits, or elsewhere, what assumptions underpin ...

Zehra Naqvi

Fading empathy in the modern world

The episode of a man being mauled to death by ...

Gautam Gupta

French fashion icon Gaultier’s pret goodbye

With Gaultier gone, the world of international prêt will never ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture