Known for its affordable wide range of well-designed, functional home furnishing products, IKEA may have footprints in Uttar Pradesh soon.
The Swedish company which has over 458 stores across 62 markets of the world has expressed the intent to start retail stores and luxury malls in UP. The worth of this investment is pegged to be around Rs 4,000 crore.
The alliance between IKEA and the UP government would be taking shape as a result of a meeting between a delegation from the state and officials of the company in Sweden.
"We are now looking at the first project in Uttar Pradesh. It will be a fantastic development to have a footprint in Noida. IKEA has eight stores in India. We now look forward to getting permits and paperwork ready by spring (February) so that we can move towards the next phase of the project," Jan Kristensson, Global Expansion Head of IKEA added.
At present, IKEA has eight stores in India including Mumbai, Navi Mumbai, Hyderabad, Bengaluru, New Delhi, and Gurgaon.