Sweden's IKEA to invest $756 million in India
INDIA-RETAIL-IKEA:Sweden's IKEA to invest $756 million in India
Sweden's IKEA, the world's largest furniture maker, will invest 600 million euros in the Indian retail market, a trade ministry official said on Friday.
IKEA Chief Executive Mikael Ohlsson met Indian Trade Minister Anand Sharma in St. Petersburg, Russia, to discuss the investment. The official said the company had filed an application to start operations in India.
India currently allows 100 percent foreign direct investment in single-brand retail, but bars foreign investment in supermarket chains.