May 21, 2013
Swedish furniture giant IKEA is one step closer to opening in India.
The country's foreign investment promotion board has approved a proposal worth nearly two-billion dollars that would see IKEA set up wholly-owned stores in India.
The deal stalled last year after IKEA was barred from operating cafeterias and selling certain kinds of items in its stores.
The proposal now goes to the Indian federal cabinet for approval.
If IKEA gets the go-ahead, it will become the first major foreign retailer to set up its own stores in India.
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