IKEA looking forward to expand business in India
World’s largest furniture retailer Ikea today said it has plans to invest Rs 12,500 crore to set up 25 stores in the country over the next decade. The new stores, each needing investment of around Rs 500 crore, will come in the cities like Mumbai, Delhi, Hyderabad and Bangalore, the Swedish furniture retailer said.
Ikea India has already got FIPB nod to invest Rs 10,500 crore. It will mobilise around USD 500 million more from its global partners for investing in these proposed stores. The company is likely to set up its first store in Bangalore or Hyderabad within the next couple of years. The company would require very large space as each store will be set up in an area measuring 3,50,000 sqft, he said, adding that it has not yet singled out any city for setting up its first store
The company is looking forward to expand its business in India. This might take some time but they have plans to open around 25 stores all across the country and are aiming mostly at the metropolitan cities.
Source: The Financial Express
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