Another step forward in liberalisation.
WSJ: “India’s foreign investment promotion agency has cleared Swedish furniture giant IKEA Group’s proposal to invest nearly $2.0 billion for setting up wholly owned retail stores in the country, Economic Affairs Secretary Arvind Mayaram said Monday.
Mr. Mayaram is also the head of the Foreign investment Promotion Board, the agency which clears foreign direct investments in India.
A spokeswoman for IKEA didn’t immediately comment.
The board had cleared the retail giant’s proposal in November subject to certain conditions. However, IKEA wasn’t happy with the conditions, which prevented it from selling products that it doesn’t brand, including secondhand furniture, textile goods, toys, books and consumer electronics as well as food and beverage items in cafeterias within its stores.
It thereafter wrote to the Indian government, seeking the removal of these conditions.
“Now, the proposal has been cleared in its entirety,” said another official, who didn’t want to be named.
IKEA now needs the approval of the federal cabinet to set up its outlets in India.”
via India Agency Clears IKEA’s Investment Proposal – WSJ.com.
CHINDIA ALERT: You'll be living in their world, very soon 
Leave a comment