Swedish retailer Ikea will shell out ₹850 crores in developing shopping malls, office spaces, hotel and retail outlets etc in Noida city after it signed a memorandum of understanding with the government of Uttar Pradesh. The announcement was made by the state chief minister Yogi Adityanath as he took to Twitter to congratulate the company and the Noida authorities. "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," the UP chief minister wrote on the micro-blogging site.
In the following tweet, the state chief minister wrote "IKEA will build shopping malls, hotels, offices, retail outlets etc. in the Noida area for the common man. With the creation of many jobs in the region, it will prove to be helpful in making 'Ease of Living' perfect.
The MoU was signed virtually at the Yogi Adityanath's residence in state capital Lucknow. As per the statement, the company will purchase 48,000-square-metres of land in Noida where it will open its first shopping centre in India. Once done it will be one of the world's largest Ikea shopping centres.
{{/usCountry}}The MoU was signed virtually at the Yogi Adityanath's residence in state capital Lucknow. As per the statement, the company will purchase 48,000-square-metres of land in Noida where it will open its first shopping centre in India. Once done it will be one of the world's largest Ikea shopping centres.
{{/usCountry}}The land was allotted to Ingka centre India Pvt Ltd in October 2019 and the lease deed was signed on Thursday. The state government is set to earn 54 crores as stamp duty after the land purchase deal.
Ikea, a worldwide known retailer of furniture, kitchen appliances and home accessories, entered the Indian market in 2018 by opening its first store in Hyderabad. After the success at Hyderabad, it went on to open its second store in Mumbai in 2020.
Ingka Centres, which has 45 IKEA store-anchored malls across Europe, Russia and China and plans to enter the United States in 2021. It will announce more detailed plans for the project in the near future.