Ikea to invest Rs 4,000 crore in Uttar Pradesh
Ikea plans to invest approximately Rs 4,000 crore on operations in Uttar Pradesh. The Swedish homeware, accessories, and lifestyle brand aims to launch a store in Noida as it continues to expand across India.
“We are now looking at the first project in Uttar Pradesh,” said Ikea’s head of global expansion Jan Kristensson, India Retailing Bureau reported. “It will be a fantastic development to have a footprint in Noida. Ikea has eight stores in India. We now look forward to getting permits and paperwork ready by spring so that we can move towards the next phase of the project.”
A delegation from the Uttar Pradesh state government travelled to Sweden to meet with a number of Ikea officials to discuss the possibility of working together to foster growth in the area. Uttar Pradesh is the most populated state in India and has over 200 million inhabitants. The area thus represents a large retail opportunity for Ikea to further establish itself in the Indian market.
Ikea specialises in home furnishings, home textiles, home décor, and accessories and currently operates brick-and-mortar stores in Indian cities including Mumbai, Navi Mumbai, Hyderabad, Bengaluru, New Delhi, and Gurgaon. Globally, the business runs over 458 stores in 62 different markets and is also known for its selection of Swedish foods.
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