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IKEA breaks ground on first Indian store

IKEA ground-breaking 725 x 500

On Thursday 11th August, IKEA broke ground on its first Indian store, located in Telangana, Hyaderbad.

The 400,000 sq ft store is expected to open in late 2017, offering customers a 7,500-strong range of skus.  The on-site restaurant will offer Swedish and traditional Indian food options. 

Five to six million customers are expected to visit the store each year.

 IKEA India CEO Juvencio Maeztu said: 

“This is a big milestone for us today and all of us are very proud that the first IKEA store in India seems very close to reality now,”

The journey to open the country's first IKEA store has taken over three years, as India has strict rules relating to foreign investment. The retailer initially made an application in 2012 but it wasn't until 2013 that India's foreign investment board approved IKEA's £1.2bn investment and plan to open 25 stores in ten years.

The IKEA Group is the first major single brand retailer to be given FDI approval to set up retail operations in India.

Source : Insight DIY

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15 August 2016

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