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Karnataka Chief Minister Basavaraj Bommai met Jesper Brodin, CEO of the Ingka Group, which includes IKEA, on Wednesday at the World Economic Forum in Davos, Switzerland, and discussed the store's inauguration.
The group said the coronavirus crisis forced it to move much of its brick-and-mortar business online, even as sales remained robust with more people in lockdown buying furniture and housewares.
The land allotment for the commercial plot located in Sector 51, was transferred by the Noida Authority on February 19 to IKEA. The authority has received Rs 850 crore for the commercial land; Rs 60 crore has also been deposited by IKEA as stamp duty, officials told Moneycontrol
The move is a way to enter various cities in India through an “omni-channel strategy” consisting of large and small format IKEA stores and online services.