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IKEA buyes 13 Acre land near Hitec City, Hyderabad for 250 Crore

Hyderabad News. Exclventures 12.07.2015


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(Excl Ventures News.)
According to reliable sources 13 Acre land parcel was bought at 250 Crore by IKEA
from the Telangana Government,  to build its first retail store in India. 

The strategically-located, 13 acre site is close to HITEC City, the IT hub, is within easy access to public transport and next to an upcoming metro line, the company said in a statement.
 


The company is in parallel evaluating suitable sites in the cities of Bengaluru, Mumbai, and Delhi NCR to open 25 stores in the long term.

IKEA had last year signed an MoU with the Telangana government for opening the store.

According to a statement then released by the government, IKEA retail outlets have a standard design and each location entails an investment of $100 million (Rs 500-600 crore). Headquartered in Sweden, IKEA is one of the world''s largest and recognizable international furniture, household goods and textiles retail company. It has been sourcing from India for the last 28 years and it plans to double its sourcing volumes in the country by 2020.

Around 45,000 people work directly for 50 IKEA suppliers in India and about 4,00,000 in the extended supply chain. IKEA has recently organized three "Make more in India" campaigns, including one in Telangana, to look for new suppliers, said the statement on Friday.

Telangana chief minister K Chandrashekar Rao said IKEA will bring best business practices, great employment opportunities and contribute to the overall development of the city. He assured all necessary support to IKEA for its future expansion plans in the state.

IKEA India CEO Juvencio Maeztu said, India was a very promising market for IKEA as it offers them the opportunity to source, retail, conduct CSR initiatives through IKEA Foundation and empower social entrepreneurs through next generation projects.

"Our focus now is to bring all of it together in Hyderabad as we have bought our first land to build an IKEA store. We will bring a unique shopping experience through our inspiring stores offering affordable home furnishing products," he said.

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>>12.07.2015: Compare cost of "Land Owner Share Villas" with Apartment Cost. 4 Units available
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