Ikea, a global leader in retail furniture, has laid the foundation for its first store in India in Hyderabad. The store is expected to open somewhere in July–August next year and is likely to see an investment of about Rs. 700 crore. This will be IKEA’s first store in the country and will form part of a chain of stores planned across the country in a decade from now. The company has also acquired a large site for a store in Mumbai and is in the process of identifying sites in select cities across the country.
Ikea was one of the first companies in India to get approval for setting up 100 per cent FDI in single brand retail. The Swedish furniture giant is planning to build a 400,000 square foot store in Hyderabad, which will also include a 1,000-seater restaurant serving Swedish cuisine, besides Indian and others. Ikea had earlier purchased 13 acres of land parcel to build retail store in Hyderabad. The site is close to the IT hub in Hyderabad’s HITEC city, and within easy access to public transport and next to an upcoming Metro line.
So let’s discuss some questions related to this post:
1. Name the place where IKYA has laid the foundation for its first store in India?
2. Where is the headquarter of IKYA ?
Courtesy: The Hindu Business Line