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IKEA to set up first India store in Hyderabad
25
Sep '14
One of the biggest global retailers of home furnishings and furniture, IKEA will set up its first India store in Hyderabad.

The Indian subsidiary of the Swedish retailer signed a MoU with the Telangana government for setting up its first store in the state.

This move from IKEA comes 16 months after the Union Government cleared its proposal to invest Rs. 10,500 crore for setting up single brand retail stores in May 2013.

IKEA was one of the first companies in India to be allowed 100 percent FDI in retail under the government’s liberalised policy.

Ikea retail outlets have a standard design and each location entails an investment of USD 100 million (Rs. 500-600 crore), a press release from the Telangana Government said.

In addition, the backward integration of supplier linkages will have tremendous economic impact to the state.

The statement added, “The government will support Ikea by appointing the Commissioner of Industries as a single contact point for a speedy & transparent process to avail permissions and licences.”

Founded in 1943, Ikea is one of the world’s largest retailers of furniture, household goods and home textiles. (AR)

Fibre2fashion News Desk - India

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