IKEA is hunting for land in Noida to open its store. The company recently opened its first store in Hyderabad which is also its entry into India’s commercial market. Famous for its international furniture and home accessories, IKEA is now eyeing Uttar Pradesh to open more stores. The company also informed the Uttar Pradesh Government about its plan to invest more than Rs 5,000 crore in the state in near future. These investments will be done via retail outlets and e-commerce.
Earlier, in 2015, the company also signed a MoU with the Samajwadi Party Government for setting up stores in Lucknow, Agra and Noida city. According to the sources in IKEA, the company planned to establish itself according to the market situation and is currently focusing on setting up stores in Noida which is next to Delhi, the national capital.
Peter Betzel, IKEA India CEO said we are in talks with the Uttar Pradesh State Government to simplify their entry into the state. He further said that IKEA’s investment of worth Rs. 5,000 crore will offer employment for over 4,000 co-workers directly and 4,000 jobs indirectly.
CEO Betzel then said that we are planning to set up a mix of large and small city centre format stores all over the state and this will be accompanied by an e-commerce platform in the future. Talking about land hunting in Noida, IKEA CEO said that their immediate plan is to set up a large format IKEA store in Noida and this approximate investment of Rs. 1,000 crore will offer employment to nearly 2,000 co-workers both directly and indirectly.