Ikea to invest USD100m in first Indian outlet

Ikea, the Swedish furniture retailer will have its first Indian store in Hyderabad. A team of representatives of Ikea, led by its CEO Juvenico Maeztu met Telangana Chief Minister K Chandrashekhar Rao in Hyderabad today and discussed the plans.

Welcoming the decision of the company, KCR assured that all the necessary clearances would be granted through a single window to expenditure the opening of the store in the city. The opening of retail shops will involve an investment of $ 100 milålion or Rs 550 to Rs 660 crore. The state was also hoping for other economic benefits through backward integrations of supplier linkages.

Women entrepreneur groups, bamboo and wood artisans, carpet makers of Warangal as well as SERP women’s groups have been identified as potential suppliers.

Assuring full cooperation, the Chief Minister said that, his office will have a chasing cell to take care of the needs of potential investors. He said the Telangana government would show a way to the whole country as to what should be a real single window.

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