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Furniture giant IKEA to invest Rs 5,500 crore in Uttar Pradesh to build its first shopping mall in India, CM Yogi Adityanath welcomes the investment

Along with the shopping centre that will be spread over two multi-storied buildings housing retail, offices and hospitality facilities, Ingka will also build an overhead walkway for the interchange between Noida metro’s Aqua Line and Delhi metro’s Blue Line as part of the deal

Ingka Centres, a subsidiary of the Ingka Group that includes IKEA Retail, has decided to invest Rs 5,500 crore for a shopping mall spread across a 48,000 square metre plot in Noida, Uttar Pradesh.

According to the reports, the Swedish furniture giant IKEA is all set to open its first retail outlet in Uttar Pradesh. IKEA also said that it was setting up its first shopping centre in India with Rs.5,500 crore investment. It will be the third IKEA outlet in the country, and the first shopping mall in India built by the company, which will have an IKEA store as the anchor store. The existing two outlets, at Hyderabad and Mumbai, as IKEA stores.

IKEA will be building its shopping centre in the next two to three years, reports said. A 48,000-square-metre plot has been acquired in Noida for the project, the company confirmed on Friday. The Noida Authority has already transferred the land located in Sector 51 to IKEA. The authority has received Rs 850 crore from IKEA.

Noida Authority CEO Ritu Maheshwari said that the IKEA shopping centre will bring in investments to the tune of Rs 5,500 crore and generate employment opportunities for more than 2,000 people. She informed that the entire project will be completed in seven years.

The IKEA group also said that it was unveiling its ‘Meeting Places’ concept, providing a sustainable mixed-use destination that would bring ‘many people’ together for multiple reasons. “Delhi-NCR is one of the most important markets in India and we are happy to announce the first store here,” IKEA India CEO Peter Betzel said in a statement.

The proposed mall in Noida will add to Ingka Centres’ growing list of shopping malls across the world, and will be one of the largest. The company already has 45 shopping centres across Europe, Russia and China. It plans to enter the United States later this year. The shopping centres are separate from the standalone IKEA stores that the company operates across the world.

Chief Minister Yogi Adityanath welcomes IKEA, says it will prove to be a decisive factor

The announcement was made by the Uttar Pradesh Chief Minister Yogi Adityanath, who took to Twitter to congratulate the company and the Noida authorities.

“Heartfelt congratulations to Noida Authority and IKEA for this MoU. I am confident that IKEA’s decision to invest in Noida, Uttar Pradesh, will prove to be a decisive factor in their own investment growth manifold. My best wishes,” the UP Chief Minister said.

Continuing, Chief Minister Yogi Adityanath said, “IKEA will build shopping malls, hotels, offices, retail outlets etc., in the Noida area for the common man. With the creation of many jobs in the region, it will prove to be helpful in making ‘Ease of Living’ perfect.”

The CM emphasized that Uttar Pradesh has become a centre of attraction for national and international investors due to its investment-friendly, transparent and systematic policies. The MoU was signed virtually at the CM Yogi Adityanath’s residence in state capital Lucknow.

Along with the shopping centre that will be spread over two multi-storied buildings housing retail, offices and hospitality facilities, Ingka will also build an overhead walkway for the interchange between Noida metro’s Aqua Line and Delhi metro’s Blue Line as part of the deal. The plot is situated between the metro stations of the two corridors, and the interchange will pass through it. The company will also develop a rotary to facilitate traffic movement near the intersection of Vishwakarma Marg and Captain Shashi Kant Marg as well as green belts and a parking lot.

Though the original deal between INGKA Centres and Noida Authority was for 47,834 square metres of land, later the government asked the company to buy an additional 1,902 sqm of land adjacent to the plot, as it would be difficult to provide wide access for this smaller plot. In return, the Noida Authority agreed to offer a plot of land measuring 3,310 sqm for developing “social and support infrastructure”, that will serve both the IKEA centre and Noida residents.

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OpIndia Staff
Staff reporter at OpIndia

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