Home / Knowledge / News / Textiles / Ikea invests Rs 500 cr for business centre in Hyderabad
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

Must ReadView All

Apparel/Garments | On 22nd Feb 2017

Amazon UK to create 5,000 full time jobs this year

Amazon UK said it will create more than 5,000 full time jobs this...

Textiles | On 22nd Feb 2017

Telangana CM seeks better life for handloom weavers

Chief minister of Telangana, K Chandrashekhar Rao assured handloom...

Textiles | On 21st Feb 2017

Net profit at Indorama Ventures zooms 145% in 2016

Net profit at Thailand headquartered and Aloke Lohia led Indorama...

Interviews View All

Poojaa Kumar Deepak
Zeven

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

Dinaz Madhukar
DLF Emporio and DLF Promenade

‘Each event and promotion is planned out keeping in mind the business of...

Ajay Ghariwala
Luthra Group

We are ready to adopt or follow every opportunity

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Kevin Nelson
TissueGen

Kevin Nelson, Chief Scientific Officer, TissueGen discusses the growing...

Suresh Patel
Sidwin Fabric

Sidwin Fabric is a manufacturer and exporter of polypropylene textiles and ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Madhu Jain
Madhu Jain

She grew up in the walled city of Old Delhi, completed her studies, and...

Sonam & Paras Modi
SVA

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

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
February 2017

February 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