The Cabinet Committee on Economic Affairs (CCEA) is likely to take up Swedish home furnishings retailer IKEA's Rs10,500 crore investment proposal for consideration during first week of April.
According to a senior government official, the Department of Industrial Policy and Promotion (DIPP) is currently evaluating the FDI proposal, which was earlier cleared and forwarded by the Foreign Investment Promotion Board (FIPB).
“FIPB has sent the minutes to DIPP. The DIPP will send these to the CCEA next week and in first week of April, it is expected to be taken up by the CCEA,” the official said.
FIPB can clear foreign investment proposals worth up to Rs1,200 crore. As IKEA's planned investment is higher than this, the proposal has to be cleared by the Cabinet.
Earlier in January, FIPB had cleared the Rs10,500-crore investment plan of IKEA to open single-brand retail stores.