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Mar, 09 2016

IKEA signed MoU to invest Rs 2,000 crore in Haryana

IKEA, a Swedish furniture retail brand to invest Rs 2,000 crore in Haryana. The brand has signed an MoU with the Haryana government.

IKEA, a Swedish furniture retail brand to invest Rs 2,000 crore in Haryana. The brand has signed an MoU with the Haryana government, which stands for mutual commitment from both parties and intends to provide clarity on working methods and ensure a legally and ethically compliant business environment as per the Business Standard report. In 2015, Ikea had signed MoUs with Karnataka, Telangana, Uttar Pradesh and Maharashtra to set up stores.

“Haryana is a prioritised state for IKEA due to its open investment climate. The state is investing heavily in technology, infrastructure and skill development. IKEA will set up retail stores to bring high quality, functional home furnishings with affordability and design for the many people. We will expand our supplier base and develop logistical infrastructure for our business,” as told to Business Standard by Juvencio Maeztu, CEO, IKEA India.

IKEA is evaluating different sites in the prioritised states of Delhi-NCR, Bangalore, Mumbai and Hyderabad. It had earlier said that it would open its first store in Hyderabad in the second half of 2017. The company, which received government approval in 2013 for its Rs 10,500 crore proposal to open retail stores under 100 per cent foreign direct investment, plans to open 25 stores by 2025 in nine Indian cities. To be accessible to the many people, IKEA is looking for store sites with direct access to mass public transport systems, preferably the metro and located near the highway. The size of an IKEA store is about 350,000 sq. ft.

IKEA plans to open 25 stores by 2025 and double sourcing from India by 2020, both for Indian and global IKEA stores. Last year, IKEA India bought its first piece of land in Hyderabad’s HITEC city with the first store opening slated for summer 2017.nce in the social media.  

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