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IKEA signs agreement with Gujarat to open stores
17
Apr '18
Swedish home furnishings chain IKEA recently signed an agreement with the Gujarat government in India to set up stores in the state with a likely long-term investment of up to Rs 3,000 crore. IKEA had received Indian Government approval in 2013 for its Rs 10,500-crore proposal to open retail stores under 100 per cent foreign direct investment (FDI).

It had earlier signed agreements with Karnataka, Telangana, Maharashtra, Uttar Pradesh and Haryana to open retail stores. The company plans to open 25 stores by 2025 in nine Indian cities, according to a news agency report.

The company will first focus on Ahmedabad and Surat. The initiative is expected to generate around 2,000 direct and 3,000 indirect jobs. (DS)

Fibre2Fashion News Desk – India


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