Sweden-based furniture retailer Ikea is reportedly planning to open its first store in India on 10 July.
Scheduled to open in Hitec City, Hyderabad, Telangana, the company has invested around $118m in the store, which includes land, construction and capital goods.
Telangana State IT and industries principal secretary Jayesh Ranjan said: “They are likely to open their first store in India in Hyderabad on 10 July.
“Their CEO is expected to inaugurate the outlet. They earmarked Rs8bn ($118.47m) for the store. This will create many direct and indirect jobs in the state.”
Spread across 400,000ft2 of space, the store is expected to create around 800 jobs, including 120 for its restaurant, which will accommodate 1,000 guests.
An unidentified Ikea official was quoted by Money Control as saying: “The first Ikea India store is opening in Hitec City, Hyderabad, in July 2018. We will be able to confirm the exact date very soon.
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By GlobalData“As of today, we have recruited 400 workers, of which 50% are women. The store will have range of 7,500 products.”
The company plans to open its second store in Mumbai next year and expand further with outlets in Bengaluru and Delhi NCR. It has already launched a distribution centre in Pune.
The company also plans to open 25 stores by 2025.
