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IKEA to invest Rs 5,500Cr in first 'Meeting Places' centre in Noida

Published: Feb 20, 2021

By TIOLCORPLAWS News Service

NEW DELHI, FEB 20, 2021: SWEDISH retailer Ikea's parent company Ingka Group said on Friday they had acquired a 47,833-square-metre plot in Noida for developing an Ikea-anchored retail destination along the lines of its ‘Meeting Places' concept.

Marking Ingka's first major land acquisition in India, it will see investments to the tune of Rs. 5,500 crore (over Euro 600 million) for developing shopping malls, office spaces, hotel and retail outlets on the parcel of land. The new development is expected to create more job opportunities, support infrastructure development, and the growth of organised retail and home furnishings sector.

"The acquisition reinforces the Ingka Group's long-term expansion plans in India," said an official statement from the group.

In a special ceremony held by the state to handover the land, Uttar Pradesh Chief Minister Mr Yogi Adityanath congratulated Ikea and welcomed them to the State.

"Heartfelt congratulations to Noida Authority and IKEA for this MoU. I am confident that Ikea's decision to invest in Noida, Uttar Pradesh will prove to be a decisive factor in their own investment growth manifold. My best wishes," he wrote on Twitter.

Meeting Places are anchored around an Ikea store and provide a sustainable mixed-use destination for "many people" and are designed around the needs of local communities to bring value for customers, communities and partners.

"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. We look forward to presenting our Meeting Place concept to this market, a concept built around local communities needs and which goes far beyond shopping," said Ms Cindy Andersen, Ingka Centres Managing Director.

This acquisition follows on the heels of launching the second Ikea store in Mumbai in December, 2020. The company already operates a store in Hyderabad, with online delivery in Mumbai, Pune and Hyderabad.

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