New Delhi: Global home furnishing major Ikea said on Friday it has bought a 48,000 square metre plot in Noida on the outskirts of national capital to open a shopping centre.
Ingka Centres, which has Ikea store-anchored malls across Europe, Russia and China, plans to invest nearly Rs 5,500 crore in the Noida project.
The move comes close on the heels of launching second Ikea store in India in Mumbai two months ago. Ikea opened its first store in India during 2018 in Hyderabad.
Ingka Centres is owned by Ingka Group, which also owns most Ikea stores worldwide.
“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,” said Managing Director Cindy Andersen.
“Millions of people live within easy reach of Noida and we want to build emotional connections with them by bringing as much value as we possibly can to their lives and communities,” she said.
Ingka Centres’ Meeting Place concept is different from a typical mall, providing a sustainable mixed-use destination that brings the people together for multiple reasons.
Meeting Places are always anchored around an Ikea store and are designed to meet the needs of local communities, bringing value for customers, communities and partners.
The Noida store is expected to create new job opportunities, support infrastructure development and growth of organised retail and home furnishings sector in the region.
Peter Betzel, Chief Executive officer of Ikea India, said Delhi NCR is one of the most important markets in India.
“We will reach many people with our beautiful, affordable, well designed and sustainable home furnishing products. The next step in our expansion is in line with Ikea’s ambition to meet 100 million people in India in the coming years,” he said.