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

India's Kay Ventures aims to turn Karur into knitwear hub

Apparel/Garments | On 20th Aug 2018

India's Kay Ventures aims to turn Karur into knitwear hub

India’s Kay Ventures has teamed up with Hydra Micro Business...

Uzbekistan-China meeting discusses textile cooperation

Textiles | On 20th Aug 2018

Uzbekistan-China meeting discusses textile cooperation

A meeting of the Uzbek-Chinese business forum on cooperation in the...

Moldova wooing Indian investors in textiles, agriculture

Textiles | On 20th Aug 2018

Moldova wooing Indian investors in textiles, agriculture

Moldova is wooing Indian investors in textiles, agriculture and a few ...

Interviews View All

Anshul Sood
Oceedee

‘Indian footwear market is nascent and largely a trend follower’

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Nitin Bhatia
Trend Arrest

Setting up a brand for online selling is easy, but running the brand is not

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Umang Banthia

Established in 2005, SL Banthia Textiles manufactures coated fabrics....

Anupam Arya

<div>Jaipur-based Fabriclore Retailing Pvt. Ltd. is attempting to revive...

Pierre Wiertz
EDANA

Pierre Wiertz talks about the vast world of sustainable nonwovens and...

Mr Ambrose Chan
DSG International (Thailand) PLC

Pierre Wiertz
EDANA

EDANA, the international association serving the nonwovens and related...

Judy Frater
Somaiya Kala Vidya

Among the many honours showered on Frater, including Fulbright and Ford...

Igor Chapurin
Chapurin

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

Karan Arora
Karan Arora

Bridal couture created with rich Indian heritage, exquisite craftsmanship...

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


August 2018

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

news category


Related Categories:

Advanced Search