Ikea acquires land in Bengaluru to set up its third India store

Swedish furnishin company, Ikea, has acquired a 14 acres land parcel in Bengaluru from the Bangalore Metro Rail Corporation, where it will set up its first store in the state.

This will be the company's third store in India after Hyderabad and Mumbai.

The 14 acres site in Bengaluru is located in Nagasandra on Tumkur road and has been acquired from the Bangalore Metro Rail Corporation. The Bengaluru store is planned to be around 4.5 lakh square feet and is expected to have more than 5 million visitors per year, the company said.

Siddaramaiah, Chief Minister, Karnataka, said, “We are very happy that we will soon see an Ikea store in Bengaluru. Ikea will bring best business practices, many employment opportunities, infrastructure development and contribute to the growth of the retail sector in the state. We believe that Ikea will work as a catalyst in our development plans. The government is committed to provide the necessary support to Ikea for its future expansion plans in the state."

The company in parallel is evaluating suitable sites in the cities of Bangalore, Mumbai, Delhi & NCR, Chennai and Pune and plans to open 25 stores in India by 2025.

Juvencio Maeztu, CEO, Ikea India, said, "This is a special day. Karnataka is a highly strategic and important market for Ikea. Along with retail stores, Ikea’s purchasing team will also grow local sourcing and engage with local artisan and communities in many projects. Our first Indian sofa supplier is from Karnataka supplying to our global stores. Each Ikea store will employ 500-700 co-workers directly and another 1500 people indirectly in different services. We are committed to inclusion and diversity and having 50% women in our organization at all levels is non-negotiable.