13.7.15

Ikea Acquires Land in Hyderabad

Ikea Group, the world's biggest furniture seller, has acquired land in Hyderabad to build the first of the 25 stores that it plans to set up in India.
The Swedish company purchased 13 acres of land near the IT hub in Hyderabad's HITEC city and is currently evaluating sites for stores in Bengaluru, Mumbai and the Delhi-NCR, according to a statement
The Indian government in May 2013 had approved Ikea's proposal to invest Rs.10,500 crore to open stores locally. The Ikea Group was the first major single-brand retailer to get foreign direct investment approval in India.
“We believe that Ikea will bring best business practices, great employment opportunities and contribute to the overall development of the city,“ Telangana chief minister K Chandrasekhar Rao said in the statement. “The government is committed to provide the necessary support to Ikea for its future expansion plans in the state.“
Ikea has been sourcing products from India for its stores globally over the past 28 years.

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