New Delhi: The government on Thursday allowed Swedish furniture major IKEA to invest Rs 10,500 crore - the biggest ever FDI proposal in single brand retail - for setting up home furnishing stores in the country.
"Whatever proposal of IKEA was there has been cleared," Information and Broadcasting Minister Manish Tewari told reporters after the application was cleared by the Cabinet Committee on Economic Affairs headed by Prime Minister Manmohan Singh.
Terming the decision as a "historic one", Commerce and Industry Minister Anand Sharma said that it is the biggest foreign investment in the retail segment till now and will provide an opportunity to Indian small and medium enterprises for integrating into global value chain.
"It will also provide a diverse choice for Indian consumers for a wide range of products. This decision has once again re-affirmed the commitment of the government for maintaining a liberal economic agenda," he said....
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09:30 PM, May 02, 2013
Without a willingness to lug cheap flat-pack wardrobes home and wrestle with self-assembly, there would be no IKEA, but in Asia, where the locals have other ideas, the Swedish furniture giant thinks it still has a bright future. ...
10:51 AM, Mar 07, 2013
The Foreign Investment Promotion Board (FIPB) has given approval to Rs 10,000 crore investment proposal of Swedish furniture major, IKEA. The company will now be able to sell all its products and set up cafeterias at its retail stores. ...
08:45 PM, Jan 21, 2013
Of its Rs 10,500 crore investment plan for India, IKEA has got FIPB approval to bring in only Rs 4,200 crore, even as Commerce and Industry Minister Anand Sharma today batted for allowing the Swedish furniture major's global model which includes cafeterias inside their stores. The Department of Industrial Policy and Promotion (DIPP), under Sharma, has already forwarded a request to Foreign Investment Promotion Board (FIPB) in the Finance Ministry...
04:17 PM, Dec 26, 2012
Almhult: IKEA customers used to assembling its flat-packed furniture will, if the Swedish firm's design boss has his way, soon be able to add their own touches to products before buying. The furniture retailer, which has grown into a global giant from its small-town roots in the heart of southern Sweden, is seeking new markets, with India on its horizon. Even there IKEA - known for its budget furniture in...
12:18 AM, Oct 26, 2012
New Delhi: Old furnitures collected from Indian consumers in exchange for new ones will not be re-sold in the market, Swedish retail major IKEA has informed the government. The company, which plans to invest Rs 10,500 crore to set up 25 single brand retail stores in the country, in its final application has said that the facility of collection/purchase of old furniture is for the convenience of only those customers...
04:43 AM, Oct 15, 2012
New Delhi: Swedish retailer IKEA, the world's largest furniture maker, is opening up in India, marking a crucial step for the Indian government whose policy flip flops related to foreign investment have damaged market confidence. The company, known for huge stores selling flatpack furniture and accessories, said it would invest 1.5 billion euros to open 25 stores in Asia's third-largest economy after initially balking at India's sourcing requirements. IKEA's plans,...
08:50 AM, Jun 23, 2012
New Delhi: Sweden's IKEA, the world's largest furniture maker, will invest 600 million euros in the Indian retail market, a trade ministry official said on Friday. IKEA Chief Executive Mikael Ohlsson met Indian Trade Minister Anand Sharma in St Petersburg, Russia, to discuss the investment. The official said the company had filed an application to start operations in India. India currently allows 100 per cent foreign direct investment in single-brand...
07:13 PM, Jun 22, 2012
Stockholm: Sweden's IKEA, the world's largest furniture maker, is set to enter the consumer electronics market with products developed in co-operation with China-based TCL Multimedia, IKEA officials said. IKEA, known the world over for low-price, self-assembly flat-packed furniture, plans to launch a line of furniture with integrated connected television and sound systems in five European cities in June, throughout seven European countries this autumn, and in its remaining markets in...
05:57 PM, Apr 17, 2012
Los Angeles: Ever wondered whether single life in New York is really like 'Sex and the City'? 'Girls', written, directed and starring Lena Dunham, is a bittersweet homage to HBO's influential hit TV series 'Sex and the City'. It follows the lives of four young college graduates trying to find jobs and love in a big city but who find it's not quite the fairytale life enjoyed by Carrie, Samantha,...
12:35 PM, Jan 14, 2012
Indian furniture industry has been estimated to be about Rs 50,000 Crore. ...
11:14 AM, Jul 04, 2010
Makeover your living room with a dash of retro magic! ...
09:32 PM, Feb 25, 2009
Here are some pieces of living room furniture with a traditional touch, feel. ...
07:20 PM, Jan 28, 2009
Jazz up your home this Diwali without pinching your wallet. ...
02:12 PM, Oct 13, 2008
Here's how you can spruce up your pad and make it a cosy space. ...
02:33 AM, Oct 02, 2008
Lahore: Former Pakistan captain Shoaib Malik is all set to make a comeback into the national team for the upcoming Zimbabwe tour once he is cleared by the Cricket Board's (PCB) integrity committee on August 15. According to sources, PCB's integrity committee is satisfied with Malik's reply on the 90,000 pounds lying in one of his bank accounts. "Things are finally looking up for him (Malik). There are indications that...
11:42 PM, Feb 18, 2008
Melbourne: Cricketer-turned-commentator Dean Jones today joined the growing list of former Australian players asking for Ricky Ponting's removal as captain, saying the embattled batsman should in fact consider ODI retirement. In a write-up marking the individual performances of the Australian team, Jones gave Ponting a decent 7 out of 10 but still called for his removal as captain. "The skipper made a brilliant, tough century in the quarter-final against India,...
03:58 PM, Jan 08, 2008
Horrible gashes, disfiguring a CD that you cherish - can actually be removed by furniture polish. ...
12:34 PM, Jun 04, 2007
