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
- Indian cabinet 2015: Full list of Ministers and their portfolios in the Modi government
- As the venerated former President APJ Abdul Kalam passes away, here's a list of all Presidents of India
- Pics, video: Aishwarya Rai returns to ramp as showstopper in Manish Malhotra couture at AICW 2015
- Review: Southall Travel (Also Travel Trolley and Fly Sharp)
- South Indian actress Trisha Krishnan’s father passes away
- Trisha Krishnan promotes Sakalakala Vallavan Appatakkar – 48 movies and still going strong
- Trisha Krishnan dazzles as NAC Jewellers brand ambassador while launching its antique collection
- Recipe: Misal Pav – how to make missal masala, usal and tarri
- Shashi Tharoor's speech at Oxford Union asking Britain to pay India reparations goes viral
India News Bulletin by email
More Lead Stories
- Indian Independence Day 2015 in UK: London Indian Gymkhana Club celebrations; AR Rahman concert at O2 and more
- LIFF 2015: London Indian Film Festival kicks off showcasing finest Indian cinema
- Andhra Stampede: Death toll reaches 29 on first day of Maha Pushkaralu religious fest
- India's proud moment at Wimbledon: Sania Mirza becomes first Indian woman to win championship
- Indian-origin ace violinist Jyotsna Srikanth's new composition to premiere at Walthamstow Garden Party