IKEA is already buying products from different districts of UP. Now the local purchasing will be increased by opening the store in Noida.
Swedish furniture company IKEA has signed an MoU with the state government to open its outlet in UP. In the next five years, IKEA will spend 5500 crore to open its outlets here. According to the MoU, 2000 people will get employment in this project. The state government has said that it will be the largest outlet of IKEA in India.
Agreement reached with state government
The state government has provided 50 thousand square meters of land in Noida to IKEA. A spokesperson of the state government said that 850 crore rupees have been received from the company. Of this, the state has received a revenue of 60 crores as stamp duty. IKEA says that even though it is a Swedish company, a lot of goods will be made in UP in its stores and malls. IKEA will buy and sell goods of handcraft from different districts of the state. The company has been buying goods from different districts of UP for 38 years. Now having a store in Noida, the company’s consumption will increase further. The company currently has outlets in Mumbai and Hyderabad.
Mall and Super Store to be built in Noida
UP is the first state where the world’s largest home furnishing brand is going to make a big investment. IKEA will build its largest outlet and shopping center in Noida. In this, not only Noida-Greater Noida, but people of Delhi-NCR will get the facility of state-of-the-art shopping malls, entertainment centers, hotels, office space, retail outlets. This project will be completed in seven years. Iqia wants to start stores in 49 cities of the country. Three years ago IKEA CEO Peter Bezal had said that the company is working on all the possibilities in India including ‘large format, small format and online stores without a store.
Nidhi Malviya is fun loving girl. She writes at NoobFeeds about various topics related to Finance, Technology, Business etc.