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Ikea inks pact with Maharashtra govt to invest Rs 600cr
14
Mar '15
Ikea India, the Indian subsidiary of Swedish home furnishings retailer Ikea, has signed an agreement with the Maharashtra government to invest Rs 600 crore.
 
“The company will invest Rs 600 crore in Maharashtra to set up 2-3 outlets,” chief minister Devendra Fadnavis said in a statement to the legislature.
 
Each outlet will create about 1,000 jobs, Fadnavis said.
 
Established in 1943, Ikea is one of the world’s largest retailers in home textiles, furniture and household goods. It was the first major single brand retailer to get foreign direct investment approval from the Indian government.
 
In December 2014, the company announced a new ‘Make More in India’ initiative aimed at inviting potential partners and to expand Ikea’s supplier base in India. Under the initiative, the company also aims at increasing the categories of home furnishing products sourced in India.
 
The initiative also has an objective of doubling the goods Ikea sources from India annually to over €630 million by 2020. (RKS)
 

Fibre2fashion News Desk - India

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