Ikea to set up stores in Maharashtra, says CM Fadnavis
16 Mar 2015
Ikea India, a subsidiary of Swedish furniture retailer Ikea AB, has inked a pact with the Maharashtra government to invest Rs600 crore for setting up two to three outlets in the state.
"The company will invest Rs600 crore in Maharashtra to set up 2-3 outlets," chief minister Devendra Fadnavis told the legislature in a statement. He added that around 1,000 jobs will be created per outlet.
Founded in 1943, Ikea is one of the world's largest retailers in furniture, household goods and textiles.
It was one of the first companies in the country to be allowed 100 per cent foreign direct investment (FDI) in retail under the government's liberalised policy, Chief Minister Fadnavis said in a written reply to an Assembly question.
The chief minister did not specify where the new stores would come up.
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