The largest furniture retailer of world IKEA said on Friday that it has purchased its first land in the country in Hyderabad. It is moving closer to its plan of setting up 25 stores in India at an investment of Rs 10,500 crore over the next decade.
The company in a statement said, “This step is yet another affirmation of IKEA’s expansion plans in India. The company is in parallel evaluating suitable sites in the cities of Bengaluru, Mumbai, and Delhi NCR (National Capital Region) to open 25 stores in the long-term”.
“India is a very promising market for IKEA as it offers us the opportunity to source, retail, conduct CSR initiatives. Our focus now is to bring all of it together in Hyderabad as we have bought our first land to build an IKEA store,” says IKEA India Chief Executive Officer Juvencio Maeztu.