OPEN APP
Home / Industry / Retail /  Ingka Group to invest 3,500 cr in Gurugram retail destination
Listen to this article

NEW DELHI : Ingka Group is planning to set up its second large-format shopping and entertainment complex, which will house a range of brands, including its flagship Ikea store, in the national capital region, with an investment of 3,500 crore, the company said on Tuesday.

Construction for the Ingka Centre at Gurugram will start in early 2022, and is expected to be completed by 2023. In February, it had announced its entry into the Indian market with a centre in Noida for an investment of 5,500 crore.

Leiden, Netherlands-based Ingka Group runs Ikea Retail and Ingka Investments. Ingka Centres is the group’s shopping centre business. It has more than 50 sites globally.

The Ingka Centre at Gurugram will be developed under the Livat (‘spirited’ in Swedish) brand. It will have hospitality, food and beverage and edutainment learning spaces, besides an Ikea anchor store.

“The development, with a gross building area of around 130,000 sq. m, will complement Ingka Groups’s Noida centre. Reflecting the local community’s need for more than shopping, the new meeting place will set the standard for the next generation of sustainable mixed-use destination, acting as a lively gathering place for leisure, entertainment and retail in one of the world’s fastest growing markets," the company said.

Ingka Group wants to reach out to more people through more developments in more markets, said Cindy Andersen, managing director, Ingka Centres. “When it comes to retail and leisure, change is the only constant. This is why our first Livat meeting place in India will be adaptable, with multiple offerings to match consumer lifestyles," she added.

Livat expects over 20 million consumers to shop, work, eat, exercise, learn, socialize and be inspired every year. It is expected to create 2,500 jobs.

Ingka Centres works with 1,600 brands across its portfolio of over 50 shopping centres in 16 markets. The centres appear under different trademarks, including MEGA in Russia and Livat in China, anchored by an Ikea store. Ingka Centres serves over 370 million visitors annually.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.

Never miss a story! Stay connected and informed with Mint. Download our App Now!!

Close
×
Edit Profile
My ReadsRedeem a Gift CardLogout