India to lift restrictions on IKEA's product range - report
REUTERS - IKEA will be permitted to sell non-furniture items and run cafes in India, Commerce and Industry Minister Anand Sharma was reported as saying, removing a sticking point on the Swedish retailer's plans to enter the country.
"IKEA's proposal based on its global model, which includes cafeterias, will be approved," Sharma was quoted as saying by the Financial Express newspaper on Thursday.
The finance ministry had previously ruled that the world's largest furniture maker would not be allowed to sell items including textile products and office supplies, as it does in other markets, according to recent media reports.
The government has presented IKEA's long-mooted entry into India's retail market as a sign that foreign investors have kept faith with Asia's third-largest economy, at a time when GDP growth in the country has declined.
IKEA could not be immediately reached for comment by Reuters.
(Reporting by Henry Foy and Nandita Bose in MUMBAI; Editing by Subhranshu Sahu)
- Tweet this
- Share this
- Digg this
- China building South China Sea island big enough for airstrip - report
- Team mates will determine success of my captaincy - Kohli
- Bighorn sheep escapes Los Angeles Zoo, dies after car strikes it
- India approves $2.6 bln mounted gun purchase - official
- U.S. plans to arm Iraq's Sunni tribesmen with AK-47s, RPGs, mortars
India approved on Saturday the purchase of 814 mounted gun systems for the army at a cost of 157.5 billion rupees ($2.55 billion), a defence ministry spokesman said. Full Article