IKEA has been handed around 50,000 sq metres land for facility in Noida.
The company, according to Ritu Maheshwari – Noida Authority CEO, will invest Rs 5,000 crore in the city in the coming seven years, and, as a result, will create jobs for 2,000 persons.
Maheshwari said in a tweet, “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.”
“IKEA will make a shopping mall, hotel, office, retail outlet, etc, in Noida for the common man. Besides creating many jobs in the region, the step will prove beneficial towards ‘ease of living’ concept. Heartfelt congratulations to IKEA and the Noida Authority for the memorandum of understanding. I am confident that IKEA’s decision to invest in Noida, UP will prove to be a decisive factor in their investment and growth,” Chief Minister of Uttar Pradesh, Adityanath tweeted.
IKEA India, part of Ingka Group opened its first retail store in Hyderabad in August 2018, followed by online stores in Mumbai, Hyderabad and Pune in 2019. Mumbai is the first IKEA market to launch with online without physical stores.
The aim of the company is to enter Indian cities with a multichannel approach. IKEA Purchasing has been sourcing from India for over 35 years. There are more than 60 suppliers with 45,000 direct employees and 400,000 people in the extended supply chain in India producing for IKEA stores worldwide.
Ingka Group (Ingka Holding B.V. and its controlled entities) is one of 12 different groups of companies that own and operate IKEA retail under franchise agreements with Inter IKEA Systems B.V. Ingka Group has three business areas: IKEA Retail, Ingka Investments and Ingka Centres.
Ingka Group is a strategic partner in the IKEA franchise system, operating 380 IKEA stores in 30 countries. These IKEA stores had 839 million visits during FY19.
Arya has been a part of the Content & Research Team at Hrnxt.com. She is a keen observer of economic developments, emerging businesses, people in business and keeps a tab on latest happenings in the business environment.