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CCEA cleared Swedish Furniture Major IKEA's 10500 Crore Investment Proposal

May 3, 2013 18:35 IST

The Cabinet Committee on Economic Affairs (CCEA) on 2 May 2013 cleared Swedish furniture major IKEA’s 10500-crore rupees investment proposal in India. It will allow IKEA to establish 25 exclusive stores and food cafes in India.This will be the biggest foreign investment in the retail segment till now. It will also provide an opportunity to Indian small and medium enterprises in a wide range of labour intensive sectors for integrating into global value chain. Moreover, it will also provide a diverse choice for the Indian consumers for a wide range of products.

In 2012, the government had relaxed foreign investment rules and regulations which allows 100 percent FDI in single brand retail. The government also had removed some of the restrictive conditions which includes removing the mandatory 30 percent sourcing of goods from Indian small enterprises for single brand retail trading.

IKEA has more than 300 stores across the world and an annual revenue of 27.5 billion euros (190000 crore rupees).

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Read more Current Affairs on: CCEA , IKEA , Swedish furniture major , India

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