Swedish furniture retailer IKEA will invest about 10,500 crore rupees for setting up 25 stores in single-brand retail in India. This was confirmed by IKEA CEO M Ohlsson today after he met Commerce minister Anand Sharma in St Petersburg. The minister said that despite the problems in global economy and recent lowering of the rating outlook, investor confidence in India remains robust.

AIR correspondent reports this will be the largest investment in the single-brand retailing since the government allowed foreign investment in the sector.

In January, the government notified 100 per cent FDI, in single-brand retail, paving way for global chains to have full ownership of their operations in India.