Ikea plans its first mall in India at Noida

Swedish retailer Ikea will shell out Rs 850 crores in developing shopping malls, office spaces, hotel and retail outlets in Noida city after it signed a memorandum of understanding with the UP government. Uttar Pradesh will prove to be a decisive factor in their own investment growth manifold. My best wishes," the UP chief minister wrote on the micro-blogging site.Ikea, which opened its first store in India in 2018 in Hyderabad followed by one in Mumbai in 2020, said it would develop the new site into a mall anchored by an Ikea store. Ingka Centres, which has 45 Ikea store-anchored malls across Europe, Russia and China and plans to enter the United States in 2021, said it planned to invest nearly Rs 55 billion ($759 million) in the Noida project. The MoU was signed virtually at the Yogi Adityanath's residence in state capital Lucknow. As per the statement, the company will purchase 48,000-square-metres of land in Noida where it will open its first shopping centre in India. Once done it will be one of the world's largest Ikea shopping centres.The announcement was made by the state chief minister Yogi Adityanath as he took to Twitter to congratulate the company and the Noida authorities. "Heartfelt congratulations to Noida Authority and IKEA for this MoU. I am confident that IKEA's decision to invest in Noida,

नोएडा अथॉरिटी और IKEA को इस MoU के लिए हृदय से बधाई।
मुझे विश्वास है कि 'IKEA' का नोएडा, उत्तर प्रदेश में निवेश का निर्णय उनके स्वयं के निवेश में कई गुना वृद्धि हेतु निर्णायक सिद्ध होगा।

मेरी शुभकामनाएं

— Yogi Adityanath (@myogiadityanath) February 19, 2021