Ikea To Invest Rs 5,500 Crore For Its First Meeting Places Concept In India

Ingka Group, the parent company of Swedish home furniture giant Ikea, on Friday announced the acquisition of a 48,000-square-metre land parcel in Noida, on the outskirts of Delhi, for developing an Ikea store anchored retail shopping mall under its Ingka Centres business concept called Meeting Place. While it is the first of its kind in India, it adds to the 45 existing Meeting Places around 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 company launching its second Ikea India store in Mumbai in December last year. The company already operates one Ikea store in Hyderabad. Read more…..