This project is expected to create more job opportunities, support infrastructure development, and growth of the organised retail and home furnishings sector in the region, the firm stated.
Here's your 10-point development to this story:
1) The allotment, which has been made in Sector 51, was transferred by the Noida Authority that received ₹850 crore from IKEA for the commercial land.
2) The transfer was made during a programme held here in the presence of top Noida Authority and IKEA officials, while Uttar Pradesh Chief Minister Yogi Adityanath and UP Cabinet Minister Satish Mahana joined the event virtually from Lucknow.
3) The company is expected to invest ₹5,000 crore in Noida in seven years, Noida Authority CEO Ritu Maheshwari said that officials estimate job creation for 2,000 persons due to the project.
4) "In dignified presence of CM Yogi Adityanath and Minister Satish Mahana, the Noida Authority handed over land for commercial development to IKEA.
5) "The Authority received ₹850 crore against the land and IKEA shall invest around 5,000 crore in the project in coming seven years and generate employment for many," Maheshwari tweeted.
6) IKEA India CEO Peter Betzel, CFO Preet Dhupar and UP Chief Secretary R K Tiwari, among others, also joined the programme, according to the Noida Authority.
7) Ingka Centres, which has 45 Ikea store-anchored malls across Europe, Russia and China and plans to enter the United States in 2021, said it planned to invest nearly ₹55 billion ($759 million) in the Noida project.
8) It will announce more detailed plans for the project in the near future, it said in an emailed statement.
9) Ikea has opened its first store in India in 2018 in Hyderabad followed by the one in Mumbai in 2020.
10) 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.
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