IKEA expresses interest in Bengal for sourcing natural fibre and bamboo

New Delhi, Aug 23 (KNN) Swedish furniture retail company IKEA has expressed interest in procuring products from bamboo and natural fibre rich Bengal, said Amit Mitra, West Bengal Finance Minister.

Addressing the concluding session of a two day state MSME Conclave, Mitra said that IKEA has decided to source Rs 2,000 crore worth bamboo and natural fibre from India.”

He said, “West Bengal is a big producer of bamboo. People from IKEA came to meet me and had detailed discussions on their interest in the state.”

According to a presentation made by an IKEA official at the conclave, IKEA’s purchasing operations from India stood at Rs 30 billion in the 2017-18 fiscal year. IKEA sources around Rs 20 billion of natural fibre and bamboo for its furniture.

In April, IKEA had written to Chief Minister Mamata Banerjee, expressing interest in setting up one-two stores with investments of over Rs 20 billion.

The multinational retail chain recently opened its first store in India at Hyderabad, Mitra informed the gathering.