IKEA to invest Rs 60 bn in Maharashtra
IKEA to invest Rs 60 bn in Maharashtra
WAREHOUSING & LOGISTICS

IKEA to invest Rs 60 bn in Maharashtra

As part of its expansion plans in Maharashtra, IKEA India is planning to invest around Rs 60 billion. In 2021, this Swedish furniture giant is looking to host around five million visitors in its store.

The Swedish company aims for long-term growth opportunities and are planning for investments over the next ten years. Per Hornell, The Market and Expansion Manager of IKEA India added that the company wants to build close to six to eight stores in different formats in Mumbai. Of this, two smaller city centres are for the financial year 2021.

Earlier this year, IKEA India had announced approximately 10,000 jobs in Maharashtra, with 50% of the jobs reserved for women. They intend to hire between 4,000 and 5,000 people with a 50:50 ratio and an equal amount with their suppliers.

The IKEA store located in Navi Mumbai would add to the total demand generation while supporting local communities and offering employment and equal opportunities. Additionally, it will increase the supply chain and concentrate on local production and skill-building. The store hosts the biggest children’s area called Smaland. Furthermore, it includes the largest restaurant with nearly 1,000 seats and is similar to their first store in India in Hyderabad.

Globally, the company has factories set up; however, it does not intend to set up factories in India. Instead, it is looking to invest in its suppliers.

In 2018, IKEA India launched in Hyderabad. Since its launch, IKEA in Hyderabad has managed to make a revenue of Rs 400 crore. They are confident with the market potential in Mumbai and have high expectations for the store. They have an omnichannel approach that will help them achieve higher revenues.

Considering the pandemic, IKEA has reduced the prices of its products to suit consumers. They intend to continue this approach for the remaining fiscal year. Considering the Covid-19 scenario, IKEA's Navi Mumbai store will welcome only customers who have pre-registered.

Image Source

As part of its expansion plans in Maharashtra, IKEA India is planning to invest around Rs 60 billion. In 2021, this Swedish furniture giant is looking to host around five million visitors in its store. The Swedish company aims for long-term growth opportunities and are planning for investments over the next ten years. Per Hornell, The Market and Expansion Manager of IKEA India added that the company wants to build close to six to eight stores in different formats in Mumbai. Of this, two smaller city centres are for the financial year 2021. Earlier this year, IKEA India had announced approximately 10,000 jobs in Maharashtra, with 50% of the jobs reserved for women. They intend to hire between 4,000 and 5,000 people with a 50:50 ratio and an equal amount with their suppliers. The IKEA store located in Navi Mumbai would add to the total demand generation while supporting local communities and offering employment and equal opportunities. Additionally, it will increase the supply chain and concentrate on local production and skill-building. The store hosts the biggest children’s area called Smaland. Furthermore, it includes the largest restaurant with nearly 1,000 seats and is similar to their first store in India in Hyderabad. Globally, the company has factories set up; however, it does not intend to set up factories in India. Instead, it is looking to invest in its suppliers. In 2018, IKEA India launched in Hyderabad. Since its launch, IKEA in Hyderabad has managed to make a revenue of Rs 400 crore. They are confident with the market potential in Mumbai and have high expectations for the store. They have an omnichannel approach that will help them achieve higher revenues. Considering the pandemic, IKEA has reduced the prices of its products to suit consumers. They intend to continue this approach for the remaining fiscal year. Considering the Covid-19 scenario, IKEA's Navi Mumbai store will welcome only customers who have pre-registered. Image Source

Next Story
Infrastructure Transport

Vishnu Prakash R Punglia Wins Rs.90.89 Crore Railway Contract

Vishnu Prakash R Punglia Ltd. has announced the receipt of a significant letter of acceptance (LoA) from the Office of DYCE-C-BKN-ENGINEERING, North Western Railway, Bikaner. The contract, valued at ?908.9 million, encompasses a range of infrastructure works between Sadulpur and Churu as part of the Churu-Sadulpur Doubling Project. The project involves extensive earthwork including filling and cutting in formation, blanketing, construction of minor bridges, low-height subways (LHS), foot overbridges (FOB), platforms and platform shelters, as well as S&T structures, cable ducting, and other an..

Next Story
Infrastructure Urban

India and US to Lead Critical Tech Development, Says NSA Ajit Doval

India and the United States must stay at the forefront of developing critical technologies to protect their value systems and strategic interests, National Security Advisor Ajit Doval stated. Doval made these remarks alongside his American counterpart, Jake Sullivan, during the iCET (India-US initiative on Critical and Emerging Technology) industry roundtable hosted by the Confederation of Indian Industry (CII). Doval's comments followed the unveiling of a series of transformative initiatives aimed at deepening India-US cooperation in areas such as artificial intelligence, semiconductors, cri..

Next Story
Infrastructure Energy

NTPC Partners with Macawber Beekay for Green Coal Projects in India

State-owned power giant NTPC has enlisted Macawber Beekay to supply green coal, derived from municipal solid waste (MSW), to reduce carbon emissions in electricity generation, announced the waste-to-energy firm. Macawber Beekay Private Ltd (MBL) revealed in a statement that it has secured three NTPC Green Coal projects located in Noida (Uttar Pradesh), Bhopal (Madhya Pradesh), and Hubbali (Karnataka). Green coal, a type of charcoal produced through the thermal treatment process of torrefaction in an oxygen-deficient environment, will be manufactured in three new units. These units will treat 9..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000

Join us Telegram