IKEA has been handed over a land parcel measuring nearly 50,000-sq.m in Noida where the Swedish furniture giant is set to start its first retail outlet in Uttar Pradesh. Presently, IKEA has two stores in India, one in Hyderabad and another one in Navi Mumbai.
The company is expected to invest Rs 5,000 crore in Noida in seven years which will create 2,000 jobs. The parcel of the land which has been handed over to IKEA is located in Sector 51 for which the furniture major has paid Rs 850 crore. IKEA will set up a shopping mall, hotel, office, retail outlet, etc, in Noida for the shoppers.
The transfer was made during a programme held here in the presence of top Noida Authority and IKEA officials, while Uttar Pradesh Chief Minister Yogi Adityanath and UP Cabinet Minister Satish Mahana joined the event virtually from Lucknow.
IKEA opened its second store in Navi Mumbai in December 2020, nearly one and half years after its first store in Hyderabad. After the Navi Mumbai store, two more IKEA city center stores will open during 2021 to be able to reach more people in Mumbai.
In October 2018, it broke ground for its third store in Bengaluru, which was supposed to open in 2020 as well. IKEA had acquired 14 acres of land behind the Nagasandra Metro Station in 2017. However, there is no update yet on the progress with the Bengaluru store.
IKEA that has just two stores and some online presence in India has the ambition to reach 100 million Indian customers by 2022.