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Ikea Plan for India Stores Gets Government Board Approval

India’s overseas investment board approved furniture retailer Ikea’s proposal to open outlets in the country, bringing the Swedish chain closer to becoming the first major foreign retailer to set up its own stores.

The Foreign Investment Promotion Board cleared the retailer’s proposal, Commerce Minister Anand Sharma said in a statement yesterday. The board last year barred Ikea, the world’s largest furniture maker, from operating cafes and restricted the kind of items it could sell at stores.