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

Two slabs of GST will affect Bengaluru garment units: SIGA

Apparel/Garments | On 23rd Jan 2018

Two slabs of GST will affect Bengaluru garment units: SIGA

The South India Garment Association (SIGA) has voiced its concern...

US FTC updates textile rules to drop obsolete requirement

Textiles | On 23rd Jan 2018

US FTC updates textile rules to drop obsolete requirement

The US Federal Trade Commission has eliminated an obsolete provision...

Indian textile industry at inflection point: Report

Textiles | On 23rd Jan 2018

Indian textile industry at inflection point: Report

The textile and apparel sector of India is at an inflection point...

Interviews View All

Headhonchos
Indian fashion industry

Cotton consumption will keep growing in the Indian fashion industry

Rashi Menda
Zapyle

Every fifth sale we make on Zapyle is a repeat purchase

Poojaa Kumar Deepak
Zeven

Zeven's performance sports apparel is designed for the Indian body type,...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Harsh Shah

Established in 1956 with a small beginning, Embee today manufactures a...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Kerem Durdag
Biovation II LLC

Kerem Durdag, CEO, Biovation II LLC, provides an insight into future...

Sidharth Sinha
Sidharth Sinha

<b>Sidharth Sinha</b> has contributed to the successful rebirth and...

Amiben Shroff
Shrujan

From its modest beginning in the late 1960s, Shrujan has grown into a...

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

January 2018

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

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.1%
No
13.4%
Skip
17.5%

Total Votes: 97

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

Yes No

Active Poll

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

Yes
63.9%
No
28.9%
Skip
7.2%

Total Votes: 97

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

Yes No

Active Poll

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

Yes
87.6%
No
9.3%
Skip
3.1%

Total Votes: 97

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

Active Poll

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

Yes
82.5%
No
8.2%
Skip
9.3%

Total Votes: 97


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