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MoU signed with UP Govt
Swedish home furnishing group, IKEA, is planning to invest Rs.5,000 crore for setting up large and small format stores in the Uttar Pradesh.
A memorandum of understanding has been signed with Uttar Pradesh government to open stores including one large format centre in Noida.
“In line with our new retail direction, we intend to set up a mix of large and smaller city centre format stores complimented by e-commerce in the state over time,” Ikea India CEO Peter Betzel said in a statement on 20 Dec 2018.
Ikea is rapidly expanding in the Indian market, have received Indian Government approval to invest Rs.10,000 crore in single-brand retail in 2013.
Its first store was opened in Hyderabad in August this year, with second store due for opening in Mumbai next year, followed by Bengulur and Delhi NCR. fiinews.com
