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IKEA looks to Hyderabad for first Indian store

Hyderabad looks favourite to land the first of what is expected to be many IKEA superstores in India after company officials met with civil servants in the southern city last week.

The Swedish conglomerate has been looking to expand its international retail operations into India for a number of years, though the market presents a number of unique challenges, including its complex policy on Foreign Direct Investment.

IKEA will invest upwards of $100m, about £58m, developing a 10-acre plot in Hyderabad where it will eventually employ around 1,000 people, according to a host of regional news sources in India.

Major Indian cities including Bangalore, Delhi and Mumbai are also high on the retailer’s wish list of store locations, with the long term goal for the chain to have around 25 stores in the country.

Source : The Furnishing Report

14 July 2014

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