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IKEA kicks off Rs 5,500 crore project to open mall in Noida

IKEA kicks off Rs 5,500 crore project to open mall in Noida

Swedish furniture giant IKEA has rolled out a Rs 5,500 crore investment plan to open its first store-anchored mall in India with the purchase of a 12.3 acre plot in Noida on the outskirts of Delhi.

The company has paid Rs 850 crore for the plot in Noida’s Sector 51. 

IKEA, which opened its first store in India in 2018 in Hyderabad followed by one in Mumbai in 2020, said it would develop the new site into a mall anchored by an IKEA store.

Ingka Centres, which has 45 IKEA store-anchored malls across Europe, Russia and China and plans to enter the United States in 2021, said it planned to invest nearly Rs 5,500 crore in the Noida project.

It will announce more detailed plans for the project in the near future, it said in an emailed statement.

Ingka Centres plans to enter around 45 large cities across its existing markets and the United States in coming years.

“Delhi-NCR is one of our most important markets in India, and we will reach many people with our beautiful, affordable, well designed and sustainable home furnishing products. This next step in our expansion is in line with Ikea’s ambition to meet 100 million people in India in the coming years," said Peter Betzel, chief executive of Ikea India.

“India is an exciting and dynamic market, and today’s acquisition is a key milestone in our strategic vision to transform the business in response to the changing retail environment. Millions of people live within easy reach of Noida,” the company said in a statement.