IKEA is looking at launching its first shopping centre in India. The announcement comes after the furniture giant's shopping centres business, one of the world's largest, said that it had bought a 48,000-square-metre plot in the city of Noida on the outskirts of Delhi.
IKEA would be developing the new site into a mall anchored by an IKEA store. The company opened its first store in India in 2018 in Hyderabad followed by one in Mumbai in 2020.
Ingka Centres, owned by Ingka Group, which also owns most IKEA stores worldwide, has planned to invest nearly Rs 5,500 crore in the Noida project.
Ingka Centres has 45 IKEA store-anchored malls across Europe, Russia and China, and plans to enter the United States in 2021. Ingka Centres looks to foray into around 45 large cities across its existing markets and the United States in coming years.