IKEA gets about 50,000 sqm land for facility in Noida; UP govt gets Rs 850 crore

By: |
February 19, 2021 3:38 PM

The allotment, which has been made in Sector 51, was transferred by the Noida Authority that received Rs 850 crore from IKEA for the commercial land, they said.

The company is expected to invest Rs 5,000 crore in Noida in seven years, Noida Authority CEO Ritu Maheshwari said that officials estimate job creation for 2,000 persons due to the project.

IKEA was on Friday handed over a land parcel measuring nearly 50,000 sq metres in Noida where the Swedish furniture giant is set to start its first retail outlet in Uttar Pradesh, according to officials.

The allotment, which has been made in Sector 51, was transferred by the Noida Authority that received Rs 850 crore from IKEA for the commercial land, they said.

The transfer was made during a programme held here in the presence of top Noida Authority and IKEA officials, while Uttar Pradesh Chief Minisiter Yogi Adityanath and UP Cabinet Minister Satish Mahana joined the event virtually from Lucknow.

The company is expected to invest Rs 5,000 crore in Noida in seven years, Noida Authority CEO Ritu Maheshwari said that officials estimate job creation for 2,000 persons due to the project.

“In dignified presence of CM Yogi Adityanath and Minister Satish Mahana, the Noida Authority handed over land for commercial development to IKEA.

“The Authority received Rs 850 crore against the land and IKEA shall invest around 5,000 crore in the project in coming seven years and generate employment for many,” Maheshwari tweeted.

IKEA India CEO Peter Betzel, CFO Preet Dhupar and UP Chief Secretary R K Tiwari, among others, also joined the programme, according to the Noida Authority.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.

Next Stories
1Samsung launches Galaxy A32, its most affordable phone in India with 90Hz screen
2Fintech adoption: How startups have impacted banking, financial services, insurance in India so far
3Samsung Galaxy S21+ review: The right choice?