The Indian government Thursday approved the Swedish furniture firm IKEA's Rs.10,500 crore investment proposal in single brand retail business.
The Cabinet Committee on Economic Affairs chaired by Prime Minister Manmohan Singh cleared the proposal at a meeting here.
"The Cabinet Committee on Economic Affairs today gave its approval to the proposal of M/s. Ingka Holding B.V., Netherlands, as recommended by the Foreign Investment Promotion Board (FIPB)," an official statement released after the meeting said.
"The approval would result in FDI inflows amounting to Rs.10,500 crore approximately into the country," it said.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app