IKEA to invest ₹5,000 cr in UP

The company will open multiple stores in the state. The first one will come up in Noida in a few weeks, according to a govt statement

LUCKNOW: Swedish furniture and home appliances company IKEA has decided to invest Rs 5,000 crore in Uttar Pradesh, which it expects will generate employment.

The company will open multiple stores in the state. The first one will come up in Noida in few weeks, said a state government statement.

“IKEA, one of the world’s largest companies making furniture and home applications, is going to start its outlet in Noida in just a few weeks. The Swedish company is also preparing to open around a dozen outlets in UP by investing Rs 5,000 crore,” said the statement.

It said the UP government has provided 47,833 square metres of land in Noida to IKEA for the outlet,” said the statement.

After Noida, IKEA plans to open at least three major outlets in Purvanchal. The plan for other outlets will be finalised soon, the statement said.

The company had signed an MoU with the UP government at the investors’ summit in December 2018.

The statement quoted UP industries minister Satish Mahana as saying: “IKEA started its first centre in Hyderabad at a cost of Rs 700 crore in 2016. It plans to open a total of 25 centres in India by 2025 by investing Rs 10,500 crore. About half of them will be in UP alone.”

The statement quoted spokesperson of UP government and cabinet minister Siddharth Nath Singh as saying that the “next few months are very important in terms of employment and trade. Major companies of the country and the world are continuously coming forward to invest in UP. The state government is working hard at every level to materialise it.”

“The process of the Yogi government to connect every youth of the state with employment and trade is moving ahead with full speed. Companies are coming one after the other. We are realising the selfreliant UP campaign,” Singh said in the statement.