Swedish furniture retailer Ikea recently signed a memorandum of understanding (MoU) with the Uttar Pradesh (UP) Government to invest Rs. 5,000 cr in setting up an integrated commercial project and opening stores in the State. The investment is expected to help create 8,000 direct and indirect jobs. The first store in the State is expected to come up in Noida. The MoU was signed in the presence of State Chief Minister Yogi Adityanath and Ikea Country Property Manager David McCausland.
Ikea India Chief Executive Officer Peter Betzel said the company plans to set-up a mix of large and smaller city centre format stores, complimented by ecommerce, in the State over time, according to reports. The planned Noida outlet could be the second Ikea store in the National Capital Region. The company had last year purchased a 10-acre land in Gurgaon in Haryana.