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Easier Customs norms for IKEA

With a promised investment of Rs 10,500 crore, the Swedish furniture maker is going to provide the largest FDI to India in single-brand retail

Dilasha Seth  |  New Delhi 

Swedish furniture maker IKEA has asked the government for a faster Customs clearance mechanism for smooth business operations as it is gets ready to open its first store in India. The finance ministry has assured the company, which is making the largest foreign direct investment so far in the single-brand retail space, of speedier clearance of cargo at ports to help it save time and cost. The first store will be opened in Hyderabad in 2017. "IKEA has assured compliance to us and we have assured them time. The company has got into partnerships with the Customs of the 16 countries ...

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First Published: Fri, April 29 2016. 00:57 IST
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