ALSO READL&T's Hyderabad Metro project delay raises cost by over 30% Telangana CM eyes partial roll out of Hyderabad Metro in November Hyderabad metro: L&T cites cost overruns, seeks Rs 16k-cr aid from TRS Telangana to begin start-up incubator 34 farmer suicides reported in Maharashtra's Marathwada within 8 days
Representatives from Swedish furniture major IKEA today met Commerce & Industry Minister Suresh Prabhu here, as the company looks to ramp up its presence in India.
However, IKEA has not sought any relaxation in local sourcing norms from the Union Government, and is confident that by 2022, 30 per cent of the products it sells in India will be sourced locally.
"We are positive about the change that happened over a year ago (on local sourcing norms) when it moved from first investment/first store opening to five years of first store opening," Patrik Antoni, Deputy Country Manager, IKEA India, told PTI after meeting the minister.
The company is set to open its flagship store in India by next year, and is in talks with Telangana, Karnataka, Maharashtra for sourcing wood for furniture.
The Swedish company earlier said it will recruit about 800 people for the store which will come up in Hyderabad.