Uttar Pradesh Government has signed a Memorandum of Understanding with IKEA, the largest furniture & home applications company of the world, which will invest Rs 5,500 crores in the state during the next five years.
The Yogi government has provided 50000 square meters of land in Noida to IKEA for one of its largest outlet an outlet.
IKEA is a Swedish multinational conglomerate that designs and sells ready-to-assemble furniture, kitchen appliances and home accessories, among other useful goods. It opened its first store in Hyderabad in the year 2018.
IKEA spent more than Rs 1,000 crore including land, construction a capital goods to open its first store in Hyderabad. It spreads across land area of 13 acres including 400,000 sq.ft of built up area. It employees 950 direct and 1,500 indirect employees in the store.
IKEA plans to open a total of 25 centers in India by 2025 by investing Rs 10500 crores. About half of the investment will be made in UP alone.
Apart from the investment, this venture will generate direct and indirect employment of about 50,000 in the next five years. The company will take services of local artisans and workers in its venture which will create another ecosystem of jobs at the local level also.