Swedish firm IKEA is planning to invest Rs 5,000 crore in Uttar Pradesh and will be opening about a dozen stores across the state. This is expected to directly and indirectly generate employment for at least 50,000 people. IKEA, which is one of the world's largest companies that make furniture and home applications, is going to start its outlet in Noida in a few weeks.
According to Industries Minister Satish Mahana, 47,833 square meters of land has been allotted in Noida for the IKEA outlet, which will be its largest store in India. Starting with Noida, IKEA plans to open at least three major outlets in Purvanchal and Central UP. The plans for other outlets will be finalised with the opening of Noida Center. The company will start all its outlets by 2025 according to the plan set with the Yogi government.
In December 2018, IKEA signed an agreement with the Uttar Pradesh government to invest Rs 5,000 crore in Noida and other cities of the state. IKEA started its first center in Hyderabad at a cost of Rs 700 crore in 2016. It plans to open a total of 25 centers in India by 2025 by investing Rs 10,500 crore. About half of them are in UP alone.
Speaking to media on the issue, Satish Srivastava, co-chairman of the UP Chamber of Commerce, said, "The Yogi government has laid a big foundation for economic development, with such companies entering the UP market, business and employment will increase, people will be able to get quality and world class furniture and other products at low prices. The Yogi government's strategy to attract industry and investors is going to make a big contribution towards making UP self-reliant."
Spokesperson of the UP Government and Cabinet Minister Siddharth Nath Singh has said that the next few months are very important in terms of employment and trade. “Major companies of the country and the world are continuously coming forward to invest in UP. The state government is working hard at every level to materialise it. The process of the Yogi government to connect every youth of the state with employment and trade is moving ahead with full speed. We are realising a self-reliant UP campaign,” he said.