February 27, 2013 / 12:16 PM / 5 years ago

India's FIPB recommends IKEA investment for cabinet approval

NEW DELHI, Feb 27 (Reuters) - India’s Foreign Investment Promotion Board (FIPB), a unit of the finance ministry, recommended a planned $1.94 billion investment by Swedish retail giant IKEA for cabinet approval, a government statement said on Wednesday.

IKEA announced its entry into India last year after the government relaxed the rules for foreign retailers to set up shop in Asia’s third-largest economy. (Reporting by Matthias Williams; editing by Malini Menon)

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