PositiveNewsCorner

Swedish furniture giant IKEA, has signed a memorandum of understanding (MoU) with the Uttar Pradesh government for an investment of Rs 5,000 crore in Noida. This will result in direct employment to 4,000 people and indirect employment to another 4,000, as per reports in Times of India.

Peter Betzel, CEO, IKEA India said .“We are looking to set up a mix of large and smaller city center 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,”.

As per IKEA India’s people and culture manager Anna-Carin Mansson, the second store in India will be opened in Navi Mumbai next year. The company intends to hire 10,000, both direct and indirect, in Maharashtra over the next two to three years.

IKEA has four land sites in Telangana, Maharashtra, Karnataka and Delhi/NCR, and continues to look for more in other major cities.

IKEA operates 423 Ikea stores in 50 countries with a sales volume of 38.3 billion euros.