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Swedish IKEA to set up shop in Hyd
In a development that could boost image of Hyderabad globally, iconic Swedish furniture retail chain IKEA has decided to set up its first mega outlet in the country in the city with an estimated investment of $100 million.
Likely to invest $100 mn on the mega outlet; inks MoU with Telangana govt
Hyderabad: In a development that could boost image of Hyderabad globally, iconic Swedish furniture retail chain IKEA has decided to set up its first mega outlet in the country in the city with an estimated investment of $100 million.
The global retail giant inked a Memorandum of Understanding (MoU) with Telangana government on Wednesday that would facilitate setting up the outlet in the city. IKEA CEO Juvencio Maeztu signed the agreement on behalf of the company while Pradeep Chandra, Special Chief Secretary (Industries), signed on behalf of Telangana government, in the presence of Chief Minister K Chandrashekar Rao.
“The decision by IKEA to set up its first store in Hyderabad will place the city on the international map of IKEA stores. IKEA retail outlets have a standard design and each location entails an investment of $100 million (Rs 500-600 crore),” a statement from TS Chief Minister’s Office said. In addition, the backward integration of supplier linkages will have tremendous economic impact on the State, it added.
Considered as one of the world largest and recognizable retail company with presence in furniture, household goods and textiles, IKEA has drawn up plans to open number of stores in the country and the first one is coming up in the city. In fact, it was one of the first companies in India to be allowed 100 per cent FDI in retail.
TS Chief Minister who earlier interacted with IKEA team urged them to source raw materials and products locally. He also suggested that the company should tie up with artisans in Telangana, from places like Nirmal and Pembarti for sourcing silver filigree and other handcrafts. “IKEA should create employment opportunities for the local artisans by sourcing products from them,” he said.
Also, the Chief Minister said that his government would extend all possible support and treat IKEA’s ventures as an industry so that the company could get incentives from the central government.
Responding to a request made by the IKEA CEO, the Chief Minister had agreed to accommodate their stores near one of the Metro Rail’s retail terminals.
“IKEA is considering Telangana as one of the primary states for opening of its stores in India. It is impressed with the Telangana’s open investment climate in commercial and industrial fields,” the release further said.
Earlier during an interaction with CM, the representatives of IKEA presented him with a copy of their catalogue titled ‘Where the wonderful every day starts’. It lists out furniture for various needs including bed room, bathroom, organizing rooms, relaxing, kitchen, etc.
