Great Delhi: The Finance Ministry is likely to reconsider on January 18 the proposal of Swedish furniture major IKEA for opening cafeterias at its proposed mega stores."Meeting of Foreign real estate acquire Promotion Board (FIPB) Is slated on January 18 and the IKEA's case may be taken up, A Department of business Policy and Promotion (DIPP) Executive said.In advance, FIPB, Underneath the Finance Ministry, Had taken up for reconsideration the IKEA's method. About the other hand, No decision was taken as the board headed by Economic Affairs Secretary Arvind Mayaram had sought more info from the Scandinavian country for its India investment plans."The DIPP would soon submit all the info which the FIPB has sought, The state said.

The board on November 20 had given its unbiased to allow the Swedish furniture manufacture to invest Rs 4,200 crore in great britain to for singlebrand retailing of its products. The unbiased was forwarded to the Cabinet Committee on Economic Affairs (CCEA) As for the nod.In addition, Following only part approval to its stock options plans, The company had made a advice to the DIPP, Which forwarded a request to FIPB for reading its November 20 decision.Commerce and Industry Minister Anand Sharam is in favour of allowing IKEA to open cafeterias at shops.

Except furniture, IKEA in its original app had sought government approval to sell items such as textile products, Electronic devices, Leather tools, Lifetime style products, And food and beverages to be served at its eateries and cafes.The company had envisaged a trade of Rs 10,500 crore in singlebrand retail trade after India allowed 100 percent FDI in the segment.

IKEA, By far the largest furniture retailer, Operates 336 stores in 44 cities. It plans to set up 10 furnishing and homeware stores as well as allied commercial structure in over 10 years in India. then, It promises to open 15 more stores.While India allows FDI in a lot of the sectors through automatic route, Foreign reserves in certain sectors require FIPB approval. too, Real estate acquire plans of over Rs 1,200 crore require CCEA settlement,

 


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