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IKEA malls business to invest Rs 7,000 cr in India, says top executive

IKEA's malls business said it was building two centres in Gurugram and Noida

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IKEA | Malls | IKEA India

Reuters  |  MUMBAI 

IKEA India, Peter Betzel
Peter Betzel, CEO of IKEA's India business (Photo: Kamlesh Pednekar)

The division of Swedish furniture giant will invest around Rs 7,000 crore ($928 million) in two centres it plans to build on the outskirts of New Delhi, a top executive said on Wednesday.

IKEA's business, one of the world's biggest, said it was building two centres - that are anchored by its stores - in Gurugram and Noida, two large cities on the periphery of the Indian capital.

"Beyond the investments that are happening in retail, there are two centres that we are planning and they are around Rs 7,000 crore," Peter Betzel, CEO of IKEA's India business told Reuters in an interview.

The mall in Gurugram, which will house office space beside an store is expected to be operational in 2025, Managing Director of Ingka Centers, Cindy Andersen told Reuters last month.

Ingka Centres is owned by Ingka Group which also owns most stores worldwide.

The company, which opened its first store in India in 2018, will open the doors to its first city store in Mumbai on Thursday, the first of its kind in the country. It has said it plans to invest more than a 100 billion Indian rupees in its retail business in the country.

Smaller than a full-size IKEA store and located in the business district of South-central Mumbai, the store has a selection of the company's vast inventory of home products.

Betzel said the company was not planning to increase prices in India but was looking for more local suppliers to reduce input costs.

($1 = 75.4660 Indian rupees)

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Wed, December 08 2021. 20:35 IST
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