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

Textiles | On 19th Jan 2017

Union Budget: Textile sector expects excise duty revisions

Excise duty on man-made fibres should be reduced to bring it on par...

Union textiles minister Smriti Irani at the inauguration of IIGF in New Delhi with textiles secretary Rashmi Verma and other dignitaries. Courtesy: PIB

Apparel/Garments | On 19th Jan 2017

Ministry to reimburse apparel exporters for state levies

The textile ministry has received a sum of Rs 500 crore from the...

Apparel/Garments | On 19th Jan 2017

Asahi Kasei to display sustainable fibre at trade shows

Asahi Kasei, specialty Japanese fibre producer, will be displaying...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Yash Agarwal
Hitansh Online

Every market region has its own culture and trends

Larry L Kinn
Suominen Corporation

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

Mark Paterson
Technical Absorbents Ltd

Mark Paterson, R&D manager of Technical Absorbents Ltd talks about Super...

Kerem Durdag
Biovation II LLC

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

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Tony Ward
Tony Ward

"You have to truly understand what your client wants, know her needs, what ...

Mike Hoffman
Gildan Activewear SRL

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

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 2017

January 2017

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

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search