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Ikea To Invest Rs 4000 Crore In Retail Sector in UP
The brand, known for its affordable home furniture, design and ideas, has shown interest in investing Rs 4000 crore and opening retail stores and luxury malls in the state
Photo Credit :
Uttar Pradesh delegation doing business meetings for the forthcoming UPGIS 2023
Sweden’s well known furniture, decor and home appliances company Ikea is all set to invest big in Uttar Pradesh. The brand, known for its affordable home furniture, design and ideas, has shown interest in investing Rs 4000 crore and opening retail stores and luxury malls in the state. The officials of the company met a delegation from Uttar Pradesh alongwith the officials from the Indian embassy at Stockholm. Ikea will also be participating in the forthcoming Uttar Pradesh Global Investors Summit.
The delegation from UP that met Ikea officials was led by Additional Chief Secretary Navneet Sehgal. The delegation met the company's Global Expansion Head Jan Christensen, who expressed his desire to invest Rs 4,000 crore in UP. With this investment, the company will open retail stores and luxury malls in Uttar Pradesh. The meeting also saw the officials discussing the company’s forthcoming store in Noida and other expansion plans in the state and provide ease of business to the brand. Ikea officials were also invited to participate in the UPGIS 2023, scheduled to be held in the state capital from 10 to 12 February 2023.
Meanwhile, Belgium based Gemini Corporation signed an MoU worth Rs 200 crore with the UP government to set up a recycling plant in Varanasi. This was informed by the state’s Industrial Development Minister Nand Gopal Gupta Nandi. Nandi, alongwith PWD minister Jitin Prasada, is leading the delegation that is doing meetings in Belgium. According to information, Gemini Corporation will be setting up a 300 tonne plastic per day recycling plant in Varanasi with an investment of Rs 200 crores. The directors of Gemini Corporation Ved Prakash Lata, Vishnu Agarwal, Pawan Birla, Vivek Begwani were present along with a delegation from UP.
It may be recalled that the UPGIS 2023 is a mega event being organised by the Uttar Pradesh government. Initiated by Chief Minister Yogi Adityanath, the event is a major tool for the state to achieve its goal of $ One Trillion economy and is expected to attract an investment of Rs 10 lakh crore to UP.