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New York -- Ikea has been rebuffed by India on a request to relax rules on buying goods locally, Reuters reported, citing a government source. The rebuff is likely to delay Ikea’s entry into the Indian retail market.
In June, Ikea said it would invest approximately $1.86 billion and open 25 stores in India. But the chain was seeking a 10-year window to comply with India’s rule that foreign retailers source 30% from local small and medium-sized firms. The requirement is seen by overseas companies as a hindrance to investment.
Ikea said a short delay in its formal application to enter the Indian market would not affect its decision to open stores, and hoped to start operations soon, Reuters reported.
The Swedish retailer announced its plans to invest in India over a period of 15-20 years after the government removed foreign investment caps in single-brand retail in January.