Home / Knowledge / News / Textiles / Ikea to invest Rs 1,500 crore in Mumbai
Ikea to invest Rs 1,500 crore in Mumbai
14
Jul '16
Global home furnishing major Ikea is investing Rs 1,500 crore here as part of a blueprint that envisages 25 stores across India by 2025. Its first store is likely to come up within 18 months in Navi Mumbai, a state government official said.

"Ikea is starting to invest now. They have bought a big piece of land for Rs 400 crore in Navi Mumbai for their store," Apurva Chandra, Principal Secretary of the Maharashtra government's Industries Department told PTI.

Ikea plans to build a 400,000 sq ft store on the land.

"They are investing almost Rs 1,500 crore here. This will be the first retail store in India," Chandra said. The company had previously announced it will open a store in Hyderabad in second half of 2017.

"Now they have taken the land, the first store will take another year or year and half," Chandra said.

Ikea expects the Mumbai store to get more than 5 million visitors a year. The company is also scouting for land to set up stores in Bengaluru, Delhi and the NCR region.

Currently, Ikea sources products worth 300 million euro for its global operations from India. (SH)

Fibre2Fashion News Desk – India


Must ReadView All

ASEAN ministers sign agreement on e-commerce

Apparel/Garments | On 17th Nov 2018

ASEAN ministers sign agreement on e-commerce

Member countries of the Association of Southeast Asian Nations...

UK Govt, fashion retailers sign agreement to fight slavery

Fashion | On 17th Nov 2018

UK Govt, fashion retailers sign agreement to fight slavery

John Lewis, M&S, New Look, NEXT, River Island and Shop Direct...

CNTAC delegation from China visits Pakistan

Textiles | On 17th Nov 2018

CNTAC delegation from China visits Pakistan

Chinese investors have expressed a desire to enter into joint...

Interviews View All

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli, Epson, For.Tex & F.lli Robustelli

Giovanni Pizzamiglio, Paolo Crespi & Riccardo Robustelli
Epson, For.Tex & F.lli Robustelli

‘The percentage share of printing in the global textile market is pretty...

Top executives, Textile industry, India

Top executives
Textile industry, India

The event should be organised every year

Evelyne Cholet, UCMTF

Evelyne Cholet
UCMTF

‘France had a reputation of being big in new ideas, but poor in marketing...

Karan Behal,

Karan Behal

Karan Behal, founder and chief executive of top-selling brand...

Sarah Perkins,

Sarah Perkins

Fairfax, Virginia-based Specialty Graphic Imaging Association (SGIA) is a...

Farheen B Rahman & Priti Jain,

Farheen B Rahman & Priti Jain

Founded by business-designer duo <b>Priti Jain and Farheen Rahman</b>,...

Silke Brand-Kirsch, Schlegel und Partner

Silke Brand-Kirsch
Schlegel und Partner

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

Giulio Cesareo, Directa Plus SpA

Giulio Cesareo
Directa Plus SpA

Established in 2005, Direct Plus SpA, is one of the largest producers and...

Marten Alkhagen, Swerea IVF AB

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Rupa Sood and Sharan Apparao, Nayaab

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Robert Brunner, Devereux

Robert Brunner
Devereux

Golfwear and menswear brand Devereux is set for greener pastures. Robert...

Wendell Rodricks, Wendell Rodricks

Wendell Rodricks
Wendell Rodricks

"We should not compare India and the West. There are things we do that...

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

Leave your Comments


November 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search