Ikea to launch its first mall in India
Swedish furniture giant Ikea has been handed over a land parcel by the Noida Authority measuring nearly 50,000 sq m in Noida's Sector 51, where the business conglomerate is set to start its first retail outlet in Uttar Pradesh and its first shopping centre in India.
The allotment, which has been made in Sector 51, was transferred by the Noida Authority that received Rs 850 crore from Ikea for the commercial land.
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Noida Authority CEO Ritu Maheshwari said the authority received Rs 850 crore against the land, and the company is expected to invest Rs 5,000 crore in Noida in seven years.
Ingka Centres, which has 45 Ikea malls across Russia, Europe, and China, said it plans to invest nearly Rs 5,491 crore in the Noida project.
Ingka Centres, owned by Ingka Group, which also owns most Ikea stores worldwide, plans to enter around 45 large cities across its existing markets and the United States in the coming years.
Image: Ikea was first launched in India in 2018, in Hyderabad, and it has made a revenue of more than Rs 400 crore.
Also read: IKEA to invest Rs 60 bn in Maharashtra