Ingka Centres, a division of Ingka Group, announced it will open a shopping center in Gurugram, with an investment of around Rs 3,300 crore.
"While construction will start in early 2022, the new meeting place is expected to generate more than 2,500 jobs and will contribute to further growth of organized retail in India," Ingka Group said in its official statement.
Ingka Centres' move to India is a part of its strategy to expand into new markets and to shape a portfolio of retail-led destinations that are fit for the future, the company added.
The new shopping center, which will be developed under the new Livat brand, a Swedish word that means 'a lively happening', would have a gross building area of 130,000 sq meters. It will also complement Ikea's plans to enter Noida, as announced earlier this year.
"Ingka Centres 52nd meeting place will offer a vibrant mix of hospitality, food and beverage, 'edutainment' learning spaces, alongside a wide retail offer anchored by an IKEA store. It is being developed to act as a local community hub, with spaces for festivals and exhibitions throughout the year," it said.
Livat Gurugram will also cater to Gurugram and Delhi NCR's growing population and is expected to welcome more than 20 million people annually who will come to shop, work, eat, exercise, learn and socialize. It will reflect best practices in energy and water efficiency.
"We know that when it comes to retail and leisure, change is the only constant. This is why our first Livat meeting place in India will be adaptable, with multiple offerings to match consumer lifestyles long into the future. We want to create destinations that make it easier for people to live even happier, healthier, and more sustainable lifestyles - this will be our goal at Gurugram," Cindy Andersen, Managing Director at Ingka Centres, said.
According to the company’s official statement, Ingka Centres, which is a part of the Ingka Group, has a portfolio of 47 shopping centers in 16 markets. The group is the largest IKEA retailer and represents about 90 percent of IKEA retail sales. It has retail operations in 32 markets. IKEA India, part of Ingka Group, opened its first retail store in Hyderabad in August 2018 followed by a store in Navi Mumbai store in December 2020.
"We look forward to this partnership with IKEA and Ingka Centres to build organized retail and meet the growing needs of consumers in the state and the region. The government is committed to providing the best support to facilitate a smooth investment flow into the state. This project will not only establish Gurugram as one of the newest shopping destinations but also provide employment in the region," Manohar Lal Khattar, Chief Minister of Haryana, welcomed IKEA and Ingka Centres in the state.