IKEA’s CEO Mikael Ohlsson met the Union Minister of Commerce, Industry and Textiles Anand Sharma in St. Petersburg on 22JUN12 to confirm that they will be investing in India to the tune of Euro 600 Million (approximately Rs. 4200 crores) in the first stage. Additional FDI is estimated at Euro 900 Million (approximately Rs. 6300 crores) totaling approximately Euro 1.5 billion (or Rs. 10, 500 crores) for the initial establishment of twenty-five retail stores in a wholly owned subsidiary. The CEO also communicated their decision to raise existing sourcing for their global operation from India significantly. After meeting the global CEOs, Shri Sharma said that despite the problems in global economy and recent lowering of the rating outlook, investors’ confidence in India remains robust.