Hyderabad: Swedish furniture major Ikea has signed up Telangana-based Shree Malani Foams Pvt Ltd for manufacturing roll pack mattresses for its global stores.
Announcing the partnership, Mr Pankaj Date, business head, comfort category at Ikea, said that the deal shows Ikea’s commitment to diversifying the supplying landscape in India.
According to foreign investment regulations, foreign companies have to mandatory local sourcing requirement of 30 per cent. However, Ikea wishes to source local products over and above the threshold.
The Swedish major’s first store would come up in Hyderabad in this summer, followed by Mumbai in early 2019 and later in Bengaluru and Gurugram.
Ikea has recently set up a distribution centre in Pune to service its store in Hyderabad. It is also reportedly planning to build warehouses in Maharashtra....