(ET)
Swedish furniture retailer Ikea signed a memorandum of understanding (MoU) with the Uttar Pradesh government to invest Rs 5,000 crore in setting up an ‘integrated commercial project’ and opening stores in the state. The investment is expected to help create 8,000 direct and indirect jobs over the years. Ikea said the first store in the state is expected to come up in Noida for which the Swedish company has not yet signed any land deal.The MoU was signed in the presence of chief minister Yogi Adityanath, with Ikea represented by its country property manager David McCausland.
Peter Betzel, CEO at Ikea India, said the company plans to set up a mix of large and smaller city centre format stores, complimented by ecommerce, in the state over time. “The immediate plan is to set up a large format Ikea store in Noida where we are exploring opportunity for suitable land purchase,” he said.
