New Delhi, Bangalore, Mumbai, Hyderabad are the cities where Swedish furniture retail giant Ikea is looking to open outlets after they received approval from the (FIPB) Foreign Investment Promotion Board, in November 2012.
The plan is to invest Rs. 10,500 crore over a decade, with 25 stores across India. Each typical Ikea store will be around 350,000 square feet with an investment Rs. 500 crore each.
Juvencio Maeztu, CEO, Ikea India, and his some of the senior executives are looking to set up its first outlet in Hyderabad. But our other sources informed us that the first store is likely to open in Bangalore in about two years.
Metro connectivity and highway accessibility are some of the criteria.