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Ikea invests Rs 500 cr for business centre in Hyderabad
02
May '15
One of the world’s largest home furnishings retailer, Sweden’s Ikea Group will invest Rs 500 crore to set up its facility in a 50,000 square metre area (12.35 acre) in Hyderabad.

The group has agreed to purchase land at Rs 19.21 crore per acre in the Knowledge City at Raidurg in Hyderabad from Telangana State Industrial Infrastructure Corporation (TSIIC), according to a press statement issued by the Chief Minister’s office.

Ikea India Private Ltd, the Indian arm of Ikea Group, had sought allotment of 50,000 square metres area from Telangana government for setting up and expanding its business.

Chief executive officer of Ikea India Juvencio Maeztu and CFO Preet Dhupar wrote to the government recently with their consent to purchase the land.

The state government officials said the Ikea business centre would provide direct employment to 500 persons and indirect employment to hundreds of others including those who offer related services, it said.

The land purchase deal reflects the land prices and prevailing situation in the city's real estate sector, the statement said. (SH)

Fibre2fashion News Desk - India

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