A year after Swedish furniture major IKEA 's foreign direct investment (FDI) proposal in single brand retail was cleared by the UPA government, the company has finally entered into a memorandum of understanding (MoU) with the Telangana government to set up its first India store in Hyderabad.
The MoU was signed by IKEA chief executive officer Juvencio Maeztu and Telangana special chief secretary (industries) Pradeep Chandra in the presence of Telangana chief minister K Chandrasekhar Rao here. IKEA retail outlets have a standard design and each location entails an investment of around Rs.500-600 crore, the release issued by the CM's office said.
The MoU was signed by IKEA chief executive officer Juvencio Maeztu and Telangana special chief secretary (industries) Pradeep Chandra in the presence of Telangana chief minister K Chandrasekhar Rao here. IKEA retail outlets have a standard design and each location entails an investment of around Rs.500-600 crore, the release issued by the CM's office said.
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