Swedish firm IKEA, which is one of the world's largest companies that make furniture and home applications, will be opening about a dozen stores across Uttar Pradesh. Hoping to generate employment opportunities to at least 50,000 people in the state, the company is set to open country’s largest outlet in Noida within a few weeks.
A statement issued by the Uttar Pradesh government said the company, which is opening over 433 stores in 52 countries, is preparing to open around a dozen outlets in Uttar Pradesh by investing around Rs 5,000 crore. The company has committed to completing the project by 2025.
According to state Industries Minister Satish Mahana around 47,833 square metre land has been allotted to the company, but work did not take off due to pending payments.
"All issues have been cleared and the company has committed to finishing the project by 2025. I have issued directions to ensure the company gets quick possession of land," he was quoted as saying by news agency IANS.
IKEA had opened its first outlet in India in Hyderabad in 2018. The company intends to expand to 40 cities by 2030.
Officials said, IKEA initially signed an MoU with the previous government in 2015 to set up three stores in Lucknow, Agra and Noida with an investment of Rs 500-crore in each city.
However, its plans evolved over the years and a fresh MoU was signed in 2018.