Global Furniture Giant IKEA lines up Rs 7,300 Crore for Delhi-NCR

Global Furniture Giant IKEA lines up Rs 7,300 Crore for Delhi-NCR

Global furniture giant IKEA on Tuesday said its first Ingka Centre in India — a mixed-land use commercial venture with the Ikea store as its centrepiece — will open in 2025 in Gurgaon. Through Ingka Centres, the company said it is investing Rs 400 million (Rs 3,500 crore) in the Gurgaon venture and Rs 900 million altogether (around Rs 7,265 crore) in Delhi-NCR — a similar meeting place is planned in Noida, where land for the same has already been purchased.

Tuesday’s groundbreaking ceremony in the NCR city, in the presence of Haryana CM Manohar Lal Khattar, came in the backdrop of pandemic disruptions and knowledge of the company’s India operations making losses.

“It takes time to establish a brand like Ikea, and we want to have the full experience when we start — meaning, a big Ikea store,” said Ikea India CEO and CSO Susanne Pulverer. “The way we operate, it needs some lead-time. But, we don’t want to be slow per se! Now we have picked up speed with five stores, and meeting places coming up, and we hope to be able to expand faster in the coming years,” she added.

Originally, Ikea had committed to an investment of Rs 10,500 crore in India.

Source : TOI

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