Home / Knowledge / News / Textiles / Ikea inks MoU to open stores in UP
Ikea inks MoU to open stores in UP
25
Sep '15
Sweden based home furnisher Ikea has signed a Memorandum of Understanding (MoU) with the government of Uttar Pradesh (UP) for setting up stores in the state, according to media reports.
 
The MoU was inked by Mahesh Kumar Gupta, principal secretary, Infrastructure and Industrial Development, and Juvencio Maeztu, CEO, Ikea India, in presence of UP chief minister Akhilesh Yadav.
 
On signing the MoU, Yadav said, “Due to industry friendly policies and world class infrastructure facilities, renowned companies are coming forward to invest in UP.”
 
The Swedish retailer is expected to set up stores in different regions of UP, based on its global model. The first phase will cover Agra, Noida, and Lucknow and an investment of Rs 500 crore per store is estimated.
 
The company is working closely with carpet suppliers of Bhadoi to increase production at carpet units and enhance working conditions, by setting up an exclusive automatic loom. 
 
Earlier in July this year, Ikea announced the purchase of land in Hyderabad, where the company expects to open its first store by the end of this year or early next year. 
 
Ikea was one of the first companies in India to be allowed 100 percent foreign direct investment (FDI) in retail under the government's liberalised policy. (HO)
 

Fibre2Fashion News Desk – India


Must ReadView All

Courtesy: Michael Kors

Fashion | On 25th Jul 2017

Michael Kors to acquire Jimmy Choo

Global fashion luxury brand Michael Kors Holdings Limited has reached ...

Apparel/Garments | On 25th Jul 2017

VF Corp posts $2.4 billion revenue for Q2 2017

VF Corporation has recorded revenue of $2.4 billion, up 2 per cent,...

Textiles | On 25th Jul 2017

Egypt signs agreement with UNIDO for cotton production

Egypt has signed a €1.5 million ($1.74 million) cooperation agreement ...

Interviews View All

Rajiv Sirohi
Shara

‘Portugal is taking away a major share of the mill made sector.’

Vasanth Kumar
Max Fashion India

‘Traditional high-street retailers are now willing to offer franchisees to ...

Karan Suratwala
Key Textile Accessories Private Limited

Chinese imports are destroying the supply chain

Lynda Kelly
Suominen Corporation

Suominen Corporation is a manufacturer of nonwovens as roll goods for...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Larry L Kinn
Suominen Corporation

Larry L Kinn, Senior Vice President - Operations Americas of Suominen...

Pranav Mishra
Huemn

Designers Pranav Mishra and Shyma Shetty’s Huemn is known for its...

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

July 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Thanks for your valuable feedback. Claim your free latest sustainability e-book.


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search



X