IKEA set to foray in UP, signs MoU with govt

Source: PTI

Swedish home furnishings company IKEA on Thursday signed a Memorandum of Understanding (MoU) with the Uttar Pradesh government to set up its stores in the state. The MoU was signed between CEO of IKEA India Juvencio Maeztu and Principal Secretary, Infrastructure and Industrial Development, Mahesh Kumar Gupta in the presence of Uttar Pradesh Chief Minister Akhilesh Yadav. Speaking on the occasion, Yadav said that due to industry friendly policies and world class infrastructure facilities, renowned companies were coming forward to invest in UP. He said that since April 2012, investments of more than Rs.85,000 crore have been received. Yadav said that proposals of investment worth Rs.51,000 crore were received during investors conclave held in Mumbai recently. Appreciating IKEA's decision to set up numerous stores in UP; he assured that all possible help would be extended in this regard. The chief minister said that process of issuing approvals and 'no-objections' for timely implementation of projects would be simplified through single window clearance system. He said that with growing economy, UP has all possible potential to become a developed state. The IKEA delegation informed Yadav about a proposal to set up stores in different parts of the state based on global model with huge investment. It said that an investment of Rs.500 crore was estimated in every store. The first phase would cover Lucknow, Agra and Noida. It said that with IKEA setting up stores in UP, people would get home furnishing products of international quality and design at reasonable rates. Through its stores, the company already sells products made by women artisans in rural areas of Varanasi district. To increase production at carpet units and to improve working conditions, the company in association with carpet suppliers of Bhadoi has set up a unique automatic loom, the delegation said.  

September 24, 2015 | 4:46pm IST.