Ikea is planning to invest Rs 5,000 crore in Uttar Pradesh, where the Swedish home furnishings major is planning to set up large and small format stores.
The investment would create over 8,000 direct and indirect job opportunities in the state, said Ikea in a statement.
“In line with our new retail direction, we intend to set up a mix of large and smaller city center format stores complimented by e-commerce in the state over time,” Ikea India CEO Peter Betzel said.
Ikea, which is planning to set-up a large format store in Noida, has signed a memorandum of understanding (MoU) with the Uttar Pradesh Government for opening of stores in the state.
“We plan to invest more than Rs 5,000 crore in the State over the coming years, which will create employment for over 8,000 jobs,” Peter commented.