UP Government Signs MoU With IKEA To Invest 5000 Crore In Noida

An MoU has been signed between the UP Government and IKEA, a furniture and home décor brand, for an investment of Rs 5000 crore in Noida.

IKEA has proposed to set up an integrated commercial project in Noida which will provide direct employment to 4000 people and indirect employment to another 4000 people. The MoU was signed between the government, represented by principal secretary RK Singh and IKEA India country properties manager David McCausland.

Peter Betzel, CEO, IKEA India said “We are looking to set up a mix of large and smaller city centre format stores across the state, which would be accompanied by an e-commerce platform in the coming months. The immediate plan is to set up a large format IKEA store in Noida where we are scouting for suitable land”.

IKEA officials said that they are looking for a long term intent for UP, and looking forward to develop retail and commercial parks that will comprise shopping centres, offices and integrated commercial project which could be owned either by an IKEA company or independent developers.

IKEA is a Swedish company, which opened its first Indian store in Hyderabad earlier this year and intends to expand to at least 40 India cities by 2030.