The Swedish home furnishings company IKEA has announced a long term plan to open 25 stores in the country at a cost of $80 million per store. In July this year the company bought land in Hyderabad in south India for its maiden store.
Business Standard reports that IKEA has signed a memorandum of understanding with various state governments in India: Andhra Pradesh, Telangana, Karnataka, Uttar Pradesh, and Maharashtra for its stores to be located in these states.
“Our priority is to find the right locations for our stores, to increase our supplier base, and establish long-term relations with the authorities and other important partners. In the first phase we are looking at establishing IKEA stores in Delhi-NCR, Mumbai, Bengaluru and Hyderabad,” a company spokesperson told Business Standard in reply to an emailed questionnaire.