Mumbai: The mall division of the Swedish furniture giant Ikea A top executive said on Wednesday that it will invest about Rs 9,000 crore ($1.19 billion) in plans to build two centers on the outskirts of New Delhi.
IKEA’s mall business, one of the world’s largest, said it is building two centers in Gurugram and Noida – malls that are anchored by its stores, two big cities on the periphery of the Indian capital.
“In addition to the investment in the retail sector, there are two centers that we are planning and they are about Rs 9,000 crore,” Peter Betzel, CEO of IKEA’s India business, told Reuters in an interview.
The mall in Gurugram, which will have office space next to the IKEA store, is expected to be operational in 2025, Ingka Centers’ managing director, Cindy Anderson, told Reuters last month.
Ingka Centers is owned by the Ingka Group, which owns the majority of IKEA stores around the world.
The company, which opened its first store in India in 2018, will on Thursday open its first City store in Mumbai, the first of its kind in the country. It has said that it plans to invest more than Rs 100 billion in its retail business in the country.
Smaller than a full-sized IKEA store and located in the business district of south-central Mumbai, the store houses the company’s vast selection of home products.
Betzel said the company is not planning to raise prices in India, but is looking for more local suppliers to reduce costs.
IKEA’s mall business, one of the world’s largest, said it is building two centers in Gurugram and Noida – malls that are anchored by its stores, two big cities on the periphery of the Indian capital.
“In addition to the investment in the retail sector, there are two centers that we are planning and they are about Rs 9,000 crore,” Peter Betzel, CEO of IKEA’s India business, told Reuters in an interview.
The mall in Gurugram, which will have office space next to the IKEA store, is expected to be operational in 2025, Ingka Centers’ managing director, Cindy Anderson, told Reuters last month.
Ingka Centers is owned by the Ingka Group, which owns the majority of IKEA stores around the world.
The company, which opened its first store in India in 2018, will on Thursday open its first City store in Mumbai, the first of its kind in the country. It has said that it plans to invest more than Rs 100 billion in its retail business in the country.
Smaller than a full-sized IKEA store and located in the business district of south-central Mumbai, the store houses the company’s vast selection of home products.
Betzel said the company is not planning to raise prices in India, but is looking for more local suppliers to reduce costs.
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