Ikea commits Rs 600 crore in Maharashtra, plans 2-3 outlets in state

Mumbai - Furniture retailer Ikea India, the Indian subsidiary of Swedish furniture retailer Ikea AB, has inked a pact with the Maharashtra government to invest Rs 600 crore for setting up 2-3 outlets in the state. “The company will invest Rs 600 crore in Maharashtra to set up 2-3 outlets,” Chief Minister Devendra Fadnavis told the legislature in a statement. [caption id=“attachment_2153799” align=“alignleft” width=“380”] AFP[/caption] Around 1,000 jobs will be created per outlet, he said. Founded in 1943, Ikea is one of the world’s largest retailers in furniture, household goods and textiles. It was one of the first companies in India to be allowed 100 per cent foreign direct investment (FDI) in retail under the Central Government’s liberalised policy. Ikea India had in September signed an MoU with the Telangana government for establishing its store in the state. Founded in 1943, Ikea is one of the world’s largest retailers in furniture, household goods and textiles. It was one of the first companies in India to be allowed 100 percent foreign direct investment (FDI) in retail under the government’s liberalised policy. In May 2013, the government cleared the proposal of the Swedish furniture major to invest Rs 10,500 crore for setting up single brand retail stores. Ikea retail outlets have a standard design andeach location entails an investment of $100 million (Rs 500-600 crore). PTI