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IKEA announces acquisition of its 1st land parcel in B'luru

Press Trust of India  |  Bengaluru 

Swedish home furnishings company IKEA Group today announced the acquisition of its first land parcel in the city, to build its third 'IKEA India store'.

This will be IKEA's third such acquisition in India after Hyderabad and Mumbai, the company said.

The first IKEA India store in Hyderabad will open early next year, it said in a release.

IKEA said the 14 acres site is strategically located in Nagasandra on Tumkur road and has been acquired from the Bangalore Metro Rail Corporation.

It said store is planned to be around 4.5 lakh square feet and is expected to have more than 5 million visitors per year.

"Each IKEA store will employ 500-700 coworkers directly and another 1,500 people indirectly in different services. We are committed to inclusion and diversity and having 50 per cent women in our organization at all levels is non-negotiable," IKEA India CEO Juvencio Maeztu said.

He said along with retail stores,IKEA's purchasing team would also grow local sourcing and engage with local artisan and communities in many projects.

The company in parallel is evaluating suitable sites in Bengaluru, Mumbai, Delhi and NCR, Chennai and Pune and plans to open 25 stores in India by 2025.

"The government is committed to provide the necessary support to IKEA for its future expansion plans in the state," Chief Minister Siddaramaiah said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 31 2017. 18:57 IST