Sweden-based home furnishing major IKEA recently made an announcement of opening its first ever store in India in the city of Hyderabad by 2017. And now, the retailer has inked a deal with the State Government of Haryana to open its stores and make an investment of Rs. 2,000 crore in the state.
The retailer said in a statement reported by a leading Indian daily, “IKEA India today inked an MoU (memorandum of understanding) with the state of Haryana as a major step forward towards establishing retail stores in the state. IKEA will invest an estimated Rs. 2,000 crore for its retail expansion in Haryana, will employ about 1,000 coworkers directly and engage around 3,000 more for providing services such as furniture assembly, delivery services among others.”
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Elaborating on why IKEA has chosen Haryana to make such a big investment, Juvencio Maeztu, CEO, IKEA India said, “Haryana is a prioritised state for IKEA due to its open investment climate… IKEA will set up retail stores to bring high quality, functional home furnishings with affordability and design for the many people.”
This move is in continuation of IKEA’s efforts made last year when it signed MoUs with other Indian states such as Karnataka, Telengana, Uttar Pradesh and Maharashtra to set-up its stores.
