Search Result for : Ikea

The Dollar Business Bureau Senior officials from Ikea have shared that the Swedish furniture-maker will double its India-sourcing from 318 million euros to 600 million euros by 2020. The company will also be commencing work on setting a second store in Navi Mumbai at an investment of Rs. 700 Cr. The company has purchased 23 acres in Navi-Mumbai to set up a store measuring 4.3 lakh sq ft. Once completed by mid of 2018, the store will stock nearly 10,000 products. A typical Ikea store spans 3.5 lakh square feet, ideally a plot size of 8-11 acres. So, there is space for more development on the Navi Mumbai store. Ikea in 2015 envisaged an investment of Rs. 1,800 Cr for 2-3 stores each ...

The Dollar Business Bureau Ikea said it will double source the products from India to nearly euro 600 million in coming three to four years.  Juvencio Maeztu, CEO, Ikea India was speaking to reporters after the ground breaking ceremony, of IKEA India’s first store of nearly 4 lakh sq. ft with an investment of Rs 700 crore in Hyderabad. The Dy.Chief Minister of Telengana Govt, Mohammed Mahmood Ali and the State’s Chief Secretary Rajiv Sharma were present during the ceremony. The completed store is likely to be open in the autumn of 2017. The company has bought 13 acres of land in Hi Tec city, the software hub of Hyderabad.  Ikea broke ground after nearly 3 years of bureaucratic wrangling in India. The Swedish ...

The Dollar Business Bureau The government on Monday radically liberalised the foreign direct investment (FDI) regime by allowing 100 percent FDI in defence only through government approval and in multiple other sectors. "With this change in rules, India becomes the world’s most open economy for FDI," said a statement released by the Commerce Ministry. After November 2015, this is the second biggest change in the country’s FDI policy. With the change in regime, the defence sector has been completely opened up to FDI through approval route, which can result in access to state-of-art technology in India or for other purposes. The clause ‘access to state-of-art’ technology has since been removed. The government till date has allowed 100 percent FDI in animal husbandry, civil aviation, and ...

The Dollar Business Bureau IKEA the Swedish furniture maker has expressed interest in India’s burgeoning infrastructural growth. The company has shown interest in a planned cluster at Kandla Port and wants to be allotted 450 acres in it. This was revealed to the media by Nitin Gadkari, Minister for Road Transport and Highways and Shipping. Speaking at the launch of a report by TCI-IIM Calcutta on freight transportation by road in India, the Minister said that the company has planned clusters for furniture production at the Kandla port and seeks 450 acres of land near the port. Gadkari said that the furniture maker would give technology, expertise and know-how to the proposed cluster and also purchase the finished products. “IKEA is ready ...

The Dollar Business Bureau IKEA, Sweden-based furniture manufacturing major, has announced the purchase of a 23 acre land in Mumbai, to set up a retail store of 4,00,000 square feet. The company in a statement said that the site for the store is strategically located on the Thane-Belapur road in Navi Mumbai. This is the second retail store of IKEA in India, after Hyderabad. The Mumbai store of IKEA is planned to be of 4,00,000 square feet and it expects more than 5 million visitors per year. This move has indicated the expansion plan of the company in India. To make the store accessible to everyone, the location chosen has good reach  for public transport and is close to the Turbhe railway station. The company ...

 The Dollar Business Bureau In line with the upcoming Global Bamboo Summit to be held in Indore next month, a high-level meeting was chaired by the Union Minister for Development of North Eastern Region (DoNER) on Friday. He called on the NE states for active participation. He urged the states to show their active presence in the Summit by sending their delegates, artisans and by setting up of stalls. “Start-ups should be encouraged in this area and the economic stakes need to be generated for the success of the summit. Such Bamboo summits should also be organized at a regional level even in states such as Mizoram. This will provide an identity to these states,” the Minister said. The Minister further ...

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 ...