• Language
  • App
  • Subscriptions
  • Specials
  • Sign-In
  • Register
GeStepAhead Realasset Realasset
moneycontrol.com

Home » News » Business

May 04, 2012, 03.12 PM | Source: CNBC-TV18

Swedish retailer IKEA seeks more clarity on FDI

Swedish furniture and home-ware retailer IKEA's CEO met India’s commerce minister Anand Sharma to discuss the rules set for the foreign direct investment (FDI) in single brand retail sector.

Like this story, share it with millions of investors on M3

Swedish retailer IKEA seeks more clarity on FDI

Swedish furniture and home-ware retailer IKEA's CEO met India’s commerce minister Anand Sharma to discuss the rules set for the foreign direct investment (FDI) in single brand retail sector.

Post Your Comments

Share Cancel

Moneycontrol Bureau

Swedish furniture and home-ware retailer IKEA's CEO met India's commerce minister Anand Sharma to discuss the rules set for the foreign direct investment (FDI) in single brand retail sector.

IKEA was expected to line up for permission to enter India after the government fully opened up the single-brand retail sector to foreign companies earlier this month. But the Swedish firm has said that it would be difficult to meet some terms of the policy unveiled by the government and has said it is still hopeful of starting operations once the rules are "appropriate."

Sources say IKEA will have another meeting with commerce ministry officials in the next week few weeks seeking more clarity on the matter.

IKEA told CNBC-TV18 that India remains an important potential market for the company. It is working to see impact of the single brand retail in FDI norms before making any concrete India plans.

While permitting foreign players to set up wholly-owned single brand retail ventures in the country, the government had mandated that at least 30% of the sourcing should be from small units or artisans. "Small units" are defined as those which have an investment of up to USD 1 million or about Rs 5 crore.

(With inputs from agencies)

Ads by Google

Buy, Hold, Sell ? Hear it first on M3
Swedish retailer IKEA seeks more clarity on FDI

See all

Get started using your favorite social network

or

Login using moneycontrol ID

Username
Password

Need help logging in? Reset password.

Don´t have an account? Sign Up

Get started using your favorite social network

or

Simply sign up using this short form

* mandatory

UserName*

Username should be atleast 4 character

Password*

Password should be 8 or more characters,
atleast 1 number, 1 symbol & 1 upper case letter

Alert

Your Password should contain
  • 8 or more characters
  • At least 1 number
  • At least 1 symbol
  • At least 1 upper case letter
Confirm Password*
Email
Already have an account? Login