Swedish home furnishing brand Ikea has drawn up a long-term plan to open 25 stores in India.
The company had been sourcing products from India for 28 years but it is yet to open its first store in the country. At INR500 crore (INR5 billion, USD77.2 million) for each store, Ikea’s investment in 25 stores could be INR12,500 crore.
In July 2015, the company had bought 13 acres of land in Hyderabad for its maiden store. On September 24, Ikea signed a memorandum of understanding with the Uttar Pradesh government for three stores in Lucknow, Agra and Noida. Similar agreements have been signed with the state governments of Telangana, Maharashtra and Karnataka.
(Source: Business Standard )