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IKEA store to come up near Hi-Tec City
IKEA Group, the world’s largest home furnishings retailer, on Friday announced that it had bought land parcel for its maiden Indian store to be coming up in the city. This transaction is yet another affirmation of IKEA’s mega plans for Indian foray. The 13-acre site is strategically located close to the Hi-Tec City and has easy access to public transport including the upcoming Metro rail, according to a statement from IKEA.
Hyderabad: IKEA Group, the world’s largest home furnishings retailer, on Friday announced that it had bought land parcel for its maiden Indian store to be coming up in the city. This transaction is yet another affirmation of IKEA’s mega plans for Indian foray. The 13-acre site is strategically located close to the Hi-Tec City and has easy access to public transport including the upcoming Metro rail, according to a statement from IKEA.
However, the Swedish giant did not disclose financial details of the transaction. “It’s a matter of great pride for Telangana that IKEA has initiated its expansion plans in Hyderabad. We believe that IKEA will bring best business practices, great employment opportunities and contribute to the overall development of the city,” said K Chandrashekar Rao, Chief Minister, Telangana. We believe that IKEA will work as a catalyst in our development plans.
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The government is committed to provide the necessary support to IKEA for its future expansion plans in the state, he added. IKEA had revealed in the past that it would set up 25 stores in India with an investment of Rs 10,500 crore. So, the company is also evaluating suitable sites in the cities of Bangalore, Mumbai and New Delhi for opening its stores.
“We strongly believe that Hyderabad offers a business friendly environment with a proactive and progressive government. Its unique socio-cultural diversity with a rapidly emerging women workforce resonates with our core belief in diversity and is an enabler for our goal to recruit 50 per cent women managers and co-workers,” said IKEA India CEO Juvencio Maeztu.
India is a very promising market for IKEA as it offers us the opportunity to source, retail, conduct CSR initiatives through IKEA Foundation and empower social entrepreneurs through next generation projects, he added “Our focus now is to bring all of it together in Hyderabad as we have bought our first land to build an IKEA store. We will bring a unique shopping experience through our inspiring stores offering affordable home furnishing products,” he explained.
The Swedish major has been sourcing from India for the last 28 years and it plans to double its sourcing volumes in the country by 2020. Around 45,000 people work directly for 50 IKEA suppliers in India and about 400,000 in the extended supply chain. It has recently organized three ‘Make More in India’ campaigns, including one in Telangana, to look for new suppliers.
