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Business News/ Companies / Ikea to invest Rs2,000 crore in Haryana
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Ikea to invest Rs2,000 crore in Haryana

Ikea's retail outlets in Haryana will employ about 1,000 people directly, the Swedish firm said after signing an agreement with the state government

Haryana is the fifth state—after Telangana, Uttar Pradesh, Maharashtra and Karnataka—where the retailer has held talks with the government on opening its furniture stores. Photo: Abhijit Bhatlekar/Mint Premium
Haryana is the fifth state—after Telangana, Uttar Pradesh, Maharashtra and Karnataka—where the retailer has held talks with the government on opening its furniture stores. Photo: Abhijit Bhatlekar/Mint

New Delhi: Ikea, the world’s largest furniture retailer, on Tuesday said it will invest about 2,000 crore to establish its retail presence in Haryana.

Ikea’s retail outlets in Haryana will employ about 1,000 people directly, the Swedish company said after signing an agreement with the state government on the second day of the Happening Haryana Global Investors Summit on Tuesday.

“We will expand our supplier base and develop logistical infrastructure for our business. In our journey, till now we are satisfied with support from the government authorities and we look forward to a strong partnership with Haryana," Ikea India CEO Juvencio Maeztu said in a statement.

Haryana is the fifth state—after Telangana, Uttar Pradesh, Maharashtra and Karnataka—where the retailer has held talks with the government on opening its furniture stores.

Last month, Ikea said it will invest 2,000 crore to acquire land needed to build four stores in Karnataka.

The Swedish retailer has been sourcing products from India for close to 30 years, and has 48 Indian suppliers. Ikea sources goods worth about €300 million annually from India and expects to double this by 2020.

Since the government approved its entry into India in 2013, Ikea has been scouting for land across states to deploy its planned investments of 12,500 crore to open 25 stores in the country.

Last year, Ikea bought land in Hyderabad’s HITEC city to establish its first outlet in India that will be opened early next year.

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Published: 08 Mar 2016, 07:32 PM IST
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