IKEA, the Swedish home furnishings company purchased its first land parcel in Gurugram, Haryana and its fourth one in India after Hyderabad, Mumbai and Bengaluru. IKEA Group had won a bid for a 10-acre land parcel for Rs 842 crore in the heart of Gurgaon from Haryana Urban Development Authority (HUDA) where the company plans to construct one of its outlets in the National Capital Region.
J Ganesan, Chief Administrator of HUDA said “This is a very significant development and Gurugram will see a great push in the retail sector with IKEA’s entry into the State. IKEA store will put the city on global market place as a business and investor friendly destination”.
Juvencio Maeztu, chief executive officer of IKEA India said “Delhi NCR is a highly strategic and important market for IKEA and will be one of our biggest markets in India. Along with retail stores, we will also focus on growing local sourcing and engage with local artisans and communities in many projects. We thank the Haryana government and officials who have been very progressive and supportive. IKEA promises to bring a unique global shopping experience through our inspiring stores offering good quality affordable home furnishing products for the many people”.
IKEA is investing Rs 10,500 crore in India to open 25 outlets in by 2025 and is already slated to roll out its first large furniture and home-furnishing store in Hyderabad early next year. The Hyderabad shopping area will be spread over 400,000 sq ft. and the facility will house the largest restaurant for IKEA anywhere, with seating capacity running into four figures.