Ikea plans on setting up 25 stores in India over the next 10 years.
The furniture retailer plans to invest Rs 12,500 crore to set up these stores.
The new stores, each coming up with an investment of around Rs 500 crore, will come up in cities like Mumbai, Delhi, Hyderabad and Bangalore. Each store will be set up on an area measuring 3,50,000 sq ft.
Ikea India has already obtained the Foreign Investment Promotion Board’s (FIPB) nod to invest Rs 10,500 crore.
The company is likely to set up its first store in Bangalore or Hyderabad within the next couple of years.
Ikea plans to tie up with local suppliers for raw material for its forthcoming stores in India.
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Furniture Retail Outlets Project