IKEA buys its first parcel of land in India, moving closer to opening first store in India

New Delhi: IKEA, world's largest furniture retailer, has purchased a 13 acre land close to the IT hub in Hyderabad's HITEC city. This first land purchase is part of their larger objective of expansion by setting up 25 stores in India at an investment of Rs 10,500 crore (US$ 1.65 billion) over the next decade, the approval for which was given by Government of India in May 2013. The company is evaluating suitable cities including Bengaluru, Mumbai, Delhi NCR for the same. IKEA is also planning to double its volume in India by FY 2020 and had organised three 'Make More in India' campaigns, including one in Telangana, to look for new suppliers.

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