Noida may become one of the first cities to get an Ikea store in the country with the Swedish furniture giant having identified Uttar Pradesh, Haryana, Andhra Pradesh, Maharashtra and Karnataka to set up single-brand retail stores as part of its R10,500-crore investment in India.
The firm?s plans were shared on Monday when Ikea CEO Mikael Ohlsson met commerce and industry minister Anand Sharma.
?The CEO informed the minister about plans to invest in India, including starting of land purchase process. The company is also looking at Noida in Uttar Pradesh to set up stores,? said a commerce ministry official.
Ikea plans to invest R4,200 crore in the first stage and R6,300 crore in the second to open 25 retail stores in the country and has incorporated its Indian subsidiary as Ikea India. It plans to trade in India through this wholly-owned subsidiary besides raising the existing sourcing for global operations from India significantly.
Sources added that the company would enhance its sourcing from India and would collaborate with handicraft, handloom and National Institute of Design for its products besides helping in skill development initiatives in the country.
