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Last updateTue, 17 Mar 2015 2pm

India to approve IKEA investment - Report

The Indian government is expected to approve a $1.93 billion investment proposal by Swedish furniture retailer IKEA, according to the Wall Street Journal.

The proposal will be assessed The Cabinet Committee on Economic Affairs on Wednesday, 1 May, with one official telling the Journal he was "confident" it will be approved as the government was "keen to allow Foreign Direct Investment" in India.

In January this year, the Foreign Investment Promotion Board (FIPB) had cleared the Swedish home furnishings retailer’s investment proposal to open single-brand retail stores across the country.

IKEA’s application for investment includes setting up 10 furnishing and homeware stores as well as related infrastructure over a period of ten years in India.

Subsequently, the company plans to add 15 more outlets.

IKEA’s investment would be the largest since the Government of India allowed FDI in single-brand retail last year.

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