DIPP nod to IKEA's investment proposal soon

NEW DELHI: The Department of Industrial Policy & Promotion will clear Swedish furniture retailer IKEA's proposal to invest up to Rs 10,500 crore in single brand retail stores in India in the next few days in time for it to be taken up by the Foreign Investment Promotion Board for approval on November 20, a senior government official has said. Commerce and Industry Minister Anand Sharmahas assured his Swedish counterpart Annie Loof on Tuesday that IKEA's FDI application for investing 100% in single-brand retail will get the "green signal soon," another person privy to the meeting said. "The proposal is in the last stage of clearance at the DIPP. We will send it to the FIPB very soon," a senior DIPP official told ET. Ikea's proposal has come to the DIPP in the prescribed format and everything looks in order, the official said.