106th Day Of Lockdown

Maharashtra2171211185589250 Tamil Nadu118594711161636 Delhi102831742173165 Gujarat37636267441978 Uttar Pradesh2996819627313 Telangana2761216287313 Karnataka2681511100417 West Bengal2383715790804 Rajasthan2140416575472 Andhra Pradesh211979745252 Haryana1799913645279 Madhya Pradesh1562711768622 Bihar12525933898 Assam12523833016 Odisha10097670354 Jammu and Kashmir89315399143 Punjab67494554175 Kerala5895345228 Chhatisgarh3415272814 Uttarakhand3230262143 Jharkhand3018210422 Goa190311568 Tripura171612481 Manipur14307710 Himachal Pradesh107876410 Puducherry104351714 Nagaland6443030 Chandigarh4924017 Arunachal Pradesh270922 Mizoram1971390 Sikkim125650 Meghalaya94432
Business Companies 31 May 2017 Ikea acquires land i ...

Ikea acquires land in Bengaluru for setting up store

PTI
Published May 31, 2017, 8:06 pm IST
Updated May 31, 2017, 8:06 pm IST
The 14 acres site in Bengaluru is the third land acquisition by the home furnishing retailer after Hyderabad and Mumbai.
Representational Image
 Representational Image

New Delhi: Swedish furniture retailer Ikea has acquired land in Bengaluru from the Bangalore Metro Rail Corporation for an undisclosed sum as part of its plans to start retail operations in India.

The 14 acres site in Bengaluru is the third land acquisition by the home furnishing retailer after Hyderabad and Mumbai. Ikea is slated to open its first store in India in Hyderabad early next year.

 

"The IKEA store in Bengaluru is planned to be around 4.5 lakh square feet and is expected to have more than 5 million visitors per year," the company said in a statement.

The company has acquired the land located in Nagasandra on Tumkur road from the Bangalore Metro Rail Corporation.

Commenting on the development, IKEA India CEO Juvencio Maeztu said:" Karnataka is a highly strategic and important market for IKEA. Along with retail stores, IKEA's Purchasing team will also grow local sourcing and engage with local artisan and communities in many projects."

The store would employ 500 to 700 co-workers in which 50 per cent would be women. Besides, 1,500 people would also be engaged indirectly in services. "Each IKEA store will employ 500-700 co-workers directly and another 1,500 people indirectly in different services.

We are committed to inclusion and diversity and having 50 per cent women in our organisation at all levels is non- negotiable," he said. IKEA, which received government approval in 2013 for its Rs 10,500 crore proposal to open retail stores under 100 per cent FDI, plans to open 25 stores by 2025 in nine Indian cities. "The company in parallel is evaluating suitable sites in the cities," the company said.

IKEA's first store in Hyderabad will be a massive 4 lakh square feet in size and will include all features of a global IKEA store, including restaurant and play and development area.

In July 2015, IKEA had announced purchase of 13 acre land close to the IT hub in Hyderabad's HITEC city and bought land in Mumbai in March last year. Presently, IKEA operates 390 stores in 46 countries with a sales volume of 34.2 billion euros.

...
Location: India, Delhi, New Delhi




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT