IKEA to invest Rs 4,000 crore in retail stores in UP

LUCKNOW: Known for its affordable wide range of well-designed, functional home furnishing products, IKEA may have footprints in Uttar Pradesh soon.

The Swedish company that has over 458 stores across 62 markets of the world\has expressed the intent to start retail stores and luxury malls in UP. The worth of this investment is pegged to be around Rs. 4,000 crores.

The alliance between IKEA and the UP government would be taking shape as a result of a meeting between delegation from the state and officials of the company in Sweden.

Led by industries minister Nand Gopal Gupta Nandi and PWD minister Jitin Prasada, the delegation met Jan Kristensson, global expansion head of IKEA as part of the UP Global Investor Summit 2023 roadshows.

In a video statement, Kristensson said, "We are now looking at the first project in Uttar Pradesh. 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 (February) so that we can move towards the next phase of the project," Kristensson added.

At present, IKEA has eight stores in India including Mumbai, Navi Mumbai, Hyderabad, Bengaluru, New Delhi and Gurgaon.

In addition to this, the delegation in Stockholm also visited the campus of IVL - the Swedish Environmental Research Institute to discuss how the university can support UP in making a successful transition to a sustainable environment by addressing the key issues.

Source: Times of India