Global home furnishings giant IKEA has inked a memorandum of understanding (MoU) with the Gujarat government which entails an investment of Rs 3000 crore in the long term to set up large format retail stores in the state.
In 2013, the Swedish firm had proposed to invest over Rs 10,000 crore in the Indian market and as part of the exercise it has already signed MoUs with Karnataka, Telangana, Maharashtra, Uttar Pradesh and Haryana to open retail stores. The company is planning to have a network of 25 stores by 2025 in nine Indian cities.
“Gujarat is a prioritised state for IKEA due to its open progressive policies and positive investment climate,” IKEA India Country Property & Expansion Manager David McCausland said. The company would be aiming at opening stores in Ahmedabad and Surat in the coming years.