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E-mail ID will not be published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

  • The economic survey falls in step with the BJP’s election manifesto

    It’s always tough to find something wrong with the annual economic survey as it only articulates the government’s desire to set its house in order

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

Arun Nigavekar

Why higher education needs innovation

India is such a great country that it creates complexity ...

Zehra Naqvi

We must overcome the fear of death

It is the biggest irony that the only thing that’s ...

Dharmendra Khandal

Jawai leopards and locals can coexist peacefully

At first glance, the Jawai landscape seems like a large ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture