New Delhi: Swedish furniture giant IKEA plans to invest 1.5 billion euros ($1.9 billion) to open 25 retail stores in India, a government statement said on June 22.
An initial investment of 600 million euros will be followed by a further injection of 900 million euros, the statement said, without providing a timeframe.
IKEA has no existing stores in India, which at the beginning of this year allowed foreign companies to own 100 percent of “single-brand” retail ventures, up from an earlier cap of 51 percent.
The planned investment in India was confirmed during a meeting on June 21 between IKEA CEO Mikael Ohlsson and Trade Minister Anand Sharma in Saint Petersburg in Russia, the government statement said.
