Swedish furniture giant IKEA Group (IKEA) announced on Friday that it plans to invest a total of 1.5 billion euros (about 1.9 billion US dollars) to open stores in India, despite concerns about the country's supply chain regulations. The Indian Ministry of Commerce said on Friday that IKEA has submitted an application to the Indian government for this purpose, initially planning to open 25 stores. IKEA plans to invest an initial 600 million euros and invest another 900 million euros in the future to create a wholly-owned subsidiary in India and open a store in India through this subsidiary. IKEA has long been in India's fast-growing retail market, but it has been kept out of the door due to strict Israeli regulations on foreign retailers. In November last year, the Indian government announced that it would open its retail business to foreign investors, allowing a single-brand retailer such as IKEA to open a wholly-owned subsidiary instead of only having a 51% stake in the joint venture. However, due to fierce opposition from other political parties and small and medium-sized retail owners, the Indian government failed to pass a more controversial measure to allow supermarket operators such as Wal-Mart to open stores directly in the country. In addition, according to the new regulations, foreign companies must purchase at least 30% of goods from Indian SMEs to stimulate local production, and IKEA has always reserved this requirement. IKEA CEO Mikael Ohlsson visited India last December but failed to reach a long-awaited agreement with the Indian government on his investment plan. The Indian Ministry of Commerce said on Friday that IKEA had discussed concerns about local procurement issues with relevant Indian officials and found the “appropriate answer”, which led to an investment agreement, but did not provide more details. IKEA said it currently has 70 suppliers and 1,450 sub-suppliers in India, including many small businesses. Olsen held talks with Indian Commerce Minister Anand Sharma in St. Petersburg, Russia, on Friday and implemented the deal. (Source: Eastern Fortune Network)

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