Ingka Group, the parent firm of Swedish residence furnishings giant Ikea, on Friday announced the acquisition of a 48,000-square-metre land parcel in Noida, on the outskirts of Delhi, for establishing an Ikea shop anchored retail purchasing mall below its Ingka Centres small business notion named Meeting Place. While it is the initial of its sort in India, it adds to the 45 current Meeting Places about the globe. The total volume of investment into the project would be close to Rs 5,500 crore (above €600 million).
This acquisition comes close on the heels of the firm launching its second Ikea India shop in Mumbai in December final year. The firm currently operates one Ikea shop in Hyderabad.
“The development is expected to create more job opportunities and support infrastructure development and growth of the organised retail and home furnishings sector in the region”, the firm mentioned in a statement, adding that Meeting Places, which are normally anchored about an Ikea shop, are pretty diverse to the common mall offering a sustainable mixed-use location that brings ‘many people’ collectively for numerous motives and are generally made to meet the requirements of regional communities, bringing worth for consumers, communities, and partners.
“India is an exciting and dynamic market, and today’s acquisition is a key milestone in our strategic vision to transform the business in response to the changing retail environment. Millions of people live within easy reach of Noida and we want to build emotional connections with them, by bringing as much value as we possibly can to their lives and communities,” Cindy Andersen, Ingka Centres managing director mentioned, adding that the notion is constructed about regional communities’ requirements, which goes far beyond purchasing.
“We are happy to announce the first Ikea store in Noida together with Ingka Centres. The Delhi-NCR region is one of our most important markets in India. This is in line with Ikea’s ambition to meet 100 million people in India in the coming years,” mentioned Peter Betzel, CEO and CSO, Ikea India.
In a ceremony held by the state to hand more than the land, chief minister Yogi Adityanath welcomed the group and assured all essential help to get the project began quickly.