IKEA Invest up to 3000 Crore in India, Will Open 25 Stores by 2025
Swedish home furnishings chain IKEA today said it has signed a memorandum of understanding (MoU) with the Gujarat government to set up its stores in the state with an expected investment of up to Rs 3,000 crore in the long term.
IKEA, which received government approval in 2013 for its Rs 10,500-crore proposal to open retail stores under 100 percent FDI, has earlier signed MoUs with Karnataka, Telangana, Maharashtra, Uttar Pradesh and Haryana to open retail stores.
The company plans to open 25 stores by 2025 in nine Indian cities.
The MoU with Gujarat government stands for a mutual commitment from both parties and intends to provide clarity on working methods and ensure a legally and ethically compliant, corruption-free business environment, IKEA said in a statement.
"Gujarat is...