IKEA gets 23 acre land in Navi Mumbai, to open 400,000 sq ft store

IKEA, the Swedish home furnishings company is setting up a 4 lakh sft store close to Mumbai, the company said. The proposed store will come up on a 23 acres land parcel located in Navi Mumbai on Thane Belapur Road, second in India after Hyderabad.

Juvencio Maeztu, Chief Executive Officer, IKEA India, said, “Maharashtra is one of the most important market for IKEA. Along with setting up retail stores, we will expand our supplier landscape and grow local sourcing as much as possible. Each IKEA store will employ 500-700 coworkers directly and another 1500 indirectly, engaged in providing services.”

The IKEA store in Mumbai is expected to have more than 5 million visitors per year. IKEA said, this step is yet another confirmation of IKEA’s large expansion plans in India.

In March, ET reported that the Tata Group company Rallis India has signed an agreement with IKEA India for assignment of its leasehold rights for 26-acre land at MIDC Industrial Area in Navi Mumbai’s Turbhe-Belapur Road locality for Rs 214 crore.

Principle Secretary Industry Maharashtra, Apurva Chandra, said ” We believe that IKEA will work as a catalyst in our development plans. The government is committed to provide the necessary support to IKEA forits future expansion plans in the state.”

“We are committed to having 50% women in our organization at all levels and giving equal opportunities to all. We will bring a unique shopping experience through our inspiring stores offering affordable home furnishing products for the many people in Mumbai,” said Maeztu

IKEA has been sourcing from India for the 30 years for its global stores. In India, it currently has 50 suppliers with 45,000 direct employees and 400,000 people in the extended supply chain.

The IKEA Group is the first major single brand retailer to get FDI approval and plans to open several stores in Delhi/NCR, Hyderabad, Karnataka and Maharashtra. The company is planning to invest Rs 10,500 crore to open 25 stores in the country, with focus on Mumbai, Delhi, Hyderabad and Bengaluru.

Source: ET Realty

 

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