Ikea to lay foundation for first Indian store in Hyd on Aug 11

Ikea, a global leader in retail furniture, will lay the foundation stone in Hyderabad next month for its first store in India that will open next year. "Ikea is performing ground-breaking and laying of foundation stone for its first Indian store on August 11.

According to the official, the Swedish firm is planning to build a 400,000 square foot store in Hyderabad, which will also include a 1,000-seater restaurant serving Swedish cuisine, besides Indian and others. Ikea India's CEO Juvencio Maeztu along with other senior officials of the company are expected to attend the event, he said. Ikea had earlier said it has purchased 13 acres of land parcel to build retail store in Hyderabad. The site is close to the IT hub in Hyderabad's HITEC city, and within easy access to public transport and next to an upcoming Metro line. The furniture maker is also looking to set up stores in Bengaluru, Mumbai and NCR (National Capital Region) as part of plans to have 25 outlets across India in the long term. Ikea was one of the first companies in India to get approval for setting up 100 percent FDI in single brand retail. "The decision by Ikea to set up its first store in Hyderabad will place the city on the international map of Ikea stores. The retail outlets have a standard design and each location entails an investment of USD 100 million (Rs. 550-600 crore)," the company had said earlier. "In addition, the backward integration of supplier linkages will have tremendous economic impact to the state," it had said.