Wednesday, September 22, 2021
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Ikea buys land in Hyderabad to build retail store

Ikea, the world’s largest furniture retailer, has bought its first piece of land in India in Hyderabad, the joint capital of Telangana and Andhra Pradesh states, to build a retail store.

The Swedish company said the 13-acre land was strategically located, close to the information technology hub called HITEC City, and had easy access to public transport; the plot abuts an upcoming metro railway line.

The financial details of the purchase were not disclosed.

The company said it is evaluating suitable sites in Bengaluru, Mumbai and the national capital region (NCR) centred on Delhi to open 25 stores.

“India is a very promising market for Ikea as it offers us the opportunity to source, retail, conduct CSR (corporate social responsibility) initiatives through Ikea Foundation and empower social entrepreneurs through next generation projects. Our focus now is to bring all of it together in Hyderabad as we have bought our first land to build an Ikea store,” Ikea India CEO Juvencio Maeztu said in statement.

Ikea said 50% of managers and workers recruited for the store would be women.

The land purchase follows an agreement the Swedish firm signed with the Telangana government in October. Hyderabad will revert in nine years to Telangana, which was carved out as a separate state from Andhra Pradesh in 2014.

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