Business


‘No meatballs’ as IKEA is reviewing sweeping curbs



New delhi: Swedish retailer IKEA said yesterday it was reviewing sweeping curbs imposed on what it can sell at its planned new stores in India that will reportedly prevent it offering its famed meatballs. India's foreign investment panel has rejected 15 of IKEA's 30 product lines, a report said yesterday, underscoring the regulatory hurdles faced by foreign stores who are eyeing the Indian market with renewed interest.

"We are now internally reviewing the details (of the investment board's decision)," an IKEA spokeswoman said, adding that she could not confirm the curbs as reported by 'The Economic Times'. Among the lines IKEA has been told by the Foreign Investment Promotion Board that it cannot sell are gift items, fabrics, books, toys, consumer electronics and food, the newspaper reported.

The group will, however, be allowed to sell furniture its core business. The investment panel also reportedly told IKEA it cannot offer customer financing schemes because that
would violate banking regulations.

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