IKEA, the furniture leader from Sweden wants to open its first Delhi-NCR store in Noida.
Uttar Pradesh’s Chief Minister Yogi Adityanath has recently signed a Memorandum of Understanding with the company worth Rs 5,000 crore.
“IKEA will invest Rs 5,000 crore as the firm wants to open a retail outlet in Noida. The project is expected to create 4,000 direct and 4,000 indirect jobs with opening up of the store,” said RK Singh, principal secretary, UP infrastructure and industrial development department.
IKEA has been hunting for a suitable location for its first store in the capital region for the past two years.
“Uttar Pradesh is an important market for us and we are in dialogue with the present government to facilitate our expansion plans in the state. Our long-term intent is to partner with the state towards creating world class retail and commercial parks comprising of shopping centres, offices and integrated commercial projects,” said an IKEA spokesperson.
“In line with our new retail direction, we intend to set up a mix of large and smaller city centre format stores complimented by e-commerce in the state over time. The immediate plan is to set-up a large format IKEA store in Noida where we are exploring the opportunity for suitable land purchase,” said the spokesperson.
The company will soon apply for land in Noida.