Swedish giant IKEA close to getting approval for entry into India: report

India has agreed “in principle” to give IKEA seven years to meet guidelines stipulating foreign, single-brand retailers sell products manufactured from 30 percent locally made or sourced content, the Economic Times newspaper said. Originally the government had asked IKEA to comply with the local sourcing rules within one year of starting operations. The company countered with a request for 10 years grace.

IKEA in June asked India for permission to launch retail operations in India, promising to invest US$1.9 billion over the coming years — part of a broader push into emerging markets including China and Russia.

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