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Swedish Furniture Retailer Ikea to invest Rs 3000 crore in India, Will Open 25 Stores by 2025

IKEA, the world’s largest furniture retailer, has spent Rs 1,000 crore over the past two years in creating infrastructure, including land and distribution centres, ahead of opening its first store in the middle of 2018.

Swedish home furniture chain IKEA today said it has signed a memorandum of understanding (MoU) with the Gujarat government to set up its stores in the state with a normal speculation of up to Rs 3,000 crore in the long haul.

IKEA, which got government endorsement in 2013 for its Rs 10,500-crore proposition to open retail locations under 100 percent FDI, has prior marked MoUs with Karnataka, Telangana, Maharashtra, Uttar Pradesh and Haryana to open retail locations.

The organization intends to open 25 stores by 2025 in nine Indian cities.

The MoU with Gujarat government remains for a common responsibility from the two gatherings and expects to give clearness on working techniques and guarantee a legitimately and morally agreeable, debasement free business condition, IKEA said in an announcement.

“Gujarat is a prioritised state for IKEA due to its open progressive policies and positive investment climate,” IKEA India Country Property & Expansion Manager David McCausland said.

IKEA will soon set up its retail locations and other valuable areas indicates in Gujarat to bring great quality and moderate home furniture for the numerous individuals in Gujarat, he included.

Ahmedabad and Surat are the need urban areas for the time being and IKEA has begun exploring for the appropriate land, the organization said.

The rough interest in the long haul will associate with Rs 2,000-3,000 crore. This will produce around 2,000 direct and 3,000 indirect employment employment opportunities, it included.

Gujarat Principal Secretary Manoj Kumar Das stated, “IKEA will emphatically add to making greater work, the development of assembling area, sharing best practices, in skill development and in the overall growth of the home furnishings retail sector.”

Das additionally guaranteed help to the organization for convenient usage of ventures and empower smooth business activities.

IKEA had at first expressed that it would open its first store in India in Hyderabad in the second half of 2017, which is currently anticipated that would be delayed to be during the summer this year.

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