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Soon, Noida To Have An IKEA: Swedish Furniture Retailer Signs MOU With UP, Plans To Invest Rs 5,000 Crore
The IKEA store in Hyderabad. (Representative image) (Noah Seelam/AFP via Getty Images)
IKEA has signed a Memorandum of Understanding (MoU) with the Uttar Pradesh government for setting up an ‘integrated commercial project’ in the state, Economic Times has reported. The investment of Rs 5,000 crore is expected to generate 8000 direct and indirect jobs. The first store in the state is expected to come up in Noida.
The MoU was signed in the presence of Uttar Pradesh Chief Minister Yogi Adityanath and IKEA country property manager David McCausland. Uttar Pradesh government in a statement has said that it will provide full assistance to the company. The company had signed an MoU with Akhilesh Singh Yadav led government to open stores in Lucknow, Noida and Agra with a total investment of Rs 1,500 crore.
Chief Executive Officer of IKEA India Peter Betzel said that the company plans to have both small and big stores. These stores will be complemented by e-commerce.
The world’s largest furniture maker had got India’s approval to invest Rs 10,500 crore in 2013. It is planning to build a supply chain infrastructure and open 25 stores by 2025. The company opened its first store in Hyderabad earlier this year in August.
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