Updated: November 24, 2021 2:36:09 pm
Ingka Centres, part of the Ingka Group that includes IKEA Retail and Ingka Investments, Tuesday said that IKEA’s first mixed-use development (shopping centre) project in India would come up in Gurgaon.
In a statement, Ingka Centres said, “Reflecting the local community’s need for more than shopping, the new meeting place will set the standard for the next generation of sustainable mixed-use destinations, acting as a lively gathering place for leisure, entertainment and retail in one of the world’s fastest-growing markets. The development will complement the company’s plans announced for Noida earlier this year.”
“The estimated investment for the project is around €400 million (Rs 3,500 crore). While construction will start in early 2022, the new meeting place is expected to generate more than 2,500 jobs and will contribute to further growth of organised retail in India,” the statement added.
Peter Betzel, CEO and CSO, IKEA India, said, “We are happy to announce our IKEA store in Gurgaon together with Ingka Centres. India is an exciting country for IKEA, and we have a long-term commitment to reach people with our omnichannel approach. Delhi-NCR will be one of our biggest and most important markets in India and we can’t wait to meet and inspire the people with our beautiful, affordable, well designed and sustainable home furnishing products and solutions.”
IKEA India opened its first retail store in Hyderabad in August 2018.
Haryana Chief Minister Manohar Lal Khattar said, “We welcome IKEA and Ingka Centres to Haryana. We look forward to this partnership with IKEA and Ingka Centres to build organised retail and meet the growing needs of consumers in the state and the region. The government is committed to providing the best support to facilitate a smooth investment flow into the state. This project will not only establish Gurgaon as one of the newest shopping destinations but also provide employment in the region. We strongly believe in heart to heart approach, over just having business relations with the investors. This step is yet another validation of our development plans for the region.”
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