Ikea to open 25 stores in India
The Ikea group will set up a 100 per cent subsidiary in single-brand retail trading in India if it succeeds in its application with the Foreign Invetment Promotion Board (FIPB)through its adviser Titus and Co Advocates, a Delhi-based law firm.
According to the proposal, IKEA will invest £510m (Rs 4,200 crore) to open 10 stores in major cities in the first stage. The remaining £780 million (Rs 6,300 crore) would be used to open 15 more stores.
The retailer’s application comes after the Indian government set up a 100 per cent foreign direct investment (FDI) in single-brand retail in January 2012. The FDI notifications could lead to more global retailers such as Adidas, Louis Vuitton and Gucci have full ownership of their India operations.
The time scales of Ikea’s Indian retail plans were not disclosed.
As of August 2011, Ikea operates stores in more than 38 countries, with 287 stores in 26 countries belonging to the IKEA Group. All IKEA stores are operated under franchise from Inter IKEA Systems B.V.
More like this
- 2015: Full list of Indian States, capitals and their Chief Ministers
- As the venerated former President APJ Abdul Kalam passes away, here's a list of all Presidents of India
- List of all the major rivers of India: Names, Origin and Length
- Indian cabinet 2015: Full list of Ministers and their portfolios in the Modi government
- Commonwealth Games 2014: Full list of Indian gold, silver and bronze medal winners
- Dosa recipe: How to make crispy Paper Dosa and Masala Dosa
- Mastani in a Saree! 8 Photos of Deepika Padukone's saree appearances in 2015!
- SIIMA Awards 2015 Red Carpet Pics: Trisha, Shruti Hassan, Amy Jackson, Rana Daggubati, Hansika dazzle
- Review: Southall Travel (Also Travel Trolley and Fly Sharp)
- South Indian actress Trisha Krishnan’s father passes away
India News Bulletin by email
More Lead Stories
- Prince William and Kate's India visit Pics: Duke and Duchess see Taj Mahal, Gandhi Smriti, Oval Maidan; Attend Bollywood-themed reception
- Jet Airways flight attendant Nidhi Chaphekar injured in Brussels attack is now in stable condition
- Sri Sri Ravi Shankar World Culture Festival: Full Story and why there's outrage on social media
- Miss Universe 2015 Epic Gaffe! Wrong Country Crowned Miss Universe in the Live Show
- Shah Rukh Khan, Kajol, Varun Dhawan and Kriti Sanon in London! Dilwale team wins hearts in UK