Ikea foundation will pump in another Rs 190 crore into the country in 2015. It will also work closely with the government to address socio-cultural issues affecting adolescents and young adults across India.
Swedish furniture and home accessory giant Ikea's plans to set up shop in India are just picking up steam, but its philanthropic wing Ikea foundation is another story. The foundation, which has pumped in over Rs 1,200 crore into India in the last 15 years, is just getting started reports CNBC-TV18's Zahra Khan and Kritika Saxena.
Sweden-based furniture retailer Ikea AB has become one of the first companies in India to be allowed 100 percent foreign direct investment in retail. However its commitment of Rs 10,500 crore to set up 25 stores in India does not mark the company's real entry into India. That happened almost 15 years ago, in the name of philanthropy.
Per Heggenes CEO, IKEA Foundation, says, "We have been here for 15 years long before the business was actually thinking about getting here. Since we started 15 years ago, we have donated 158 million Euros across our programmes in India. We work with more than 10 different partners in India covering 18 states. As we go forward it will still remain the most important market for us."
Heggenes says this 158 million Euros, which works out to around Rs 1,200 crore is just the beginning. The foundation will pump in another Rs 190 crore into the country in 2015. It will also work closely with the government to address socio-cultural issues affecting adolescents and young adults across India. For instance, its project Landesa helps improve the lives of 90,000 rural women and over 300,000 children in Uttar Pradesh by providing women with land titles, literacy and access to government programmes.
"The agenda of the government will be similar to the agenda of ours. Next year we will focus more on adolescents across India and probably help them make their own choices and help create a life for them," says Heggenes.
The additional investment into such programmes will not only look at building scale. Ikea foundation says the focus is on sustainability and quality. That means setting a higher bar on measuring the impact that each rupee invested has on the lives of the people involved.The Great Diwali Discount!
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