IKEA to set up retail store in Hyderabad; MoU signed with Telangana govt
Updated: Sep 24, 2014 04:14:00pm
Hyderabad, Sept 24 (KNN) Iconic Swedish furniture retailer, IKEA India has entered into an agreement with the Telangana government for opening its store in the state.
A MoU to this effect was signed by IKEA’s CEO Juvencio Maeztu and Special Chief Secretary Industries, Government of Telangana, Pradeep Chandra in presence of the State Chief Minister, K Chandrashekar Rao.
Headquartered in Sweden, IKEA is one of the world's largest and recognizable international furniture, household goods and textiles’ retail company. It was one of the first companies in India to be allowed 100 per cent FDI in retail. The company intends to open a number of stores in India.
The decision by IKEA to set up its first store in Hyderabad will place Hyderabad on the international map of IKEA stores. All IKEA retail outlets have a standard design and each location entails an investment of USD 100 million (Rs 500-600 crore). In addition, the backward integration of supplier linkages will have tremendous economic impact on the State.
Speaking on the occasion, the Chief Minister said that he had seen IKEA stores during his visit to Singapore and was very impressed. He suggested that IKEA ties up with artisans in Telangana like Nirmal, Silver Filigri, Pembarti and so on for their furniture as add on products.
Rao also suggested that the famous pearls of Hyderabad also be made use of.
Further, IKEA should create employment opportunities for the local artisans and whatever IKEA wants to sell should be sourced from Telangana State, the Chief Minister said.
Clearly, IKEA considers Telangana as one of the primary states for opening of its stores in India, having come forward to sign the MOU with the government of Telangana. The company is obviously impressed with the Telangana open investment climate in its commercial and industrial fields, as well as having the potential for expanding IKEA India’s supply chain and network.
The representatives of IKEA presented the Chief Minister with a copy of their catalogue titled “Where the wonderful every day starts”. Furniture for bedrooms, bathrooms, organizing rooms, relaxing, kitchen products, etc. form a part of the catalogue.
The Telangana government will support IKEA India’s investment by appointing the Commissioner of Industries as a single contact point to ensure a speedy and transparent process for all applications, permissions and licenses.
Other dignitaries present at the event include Minister of Industries and Mines, T Harish Rao, Principal Secretary to CM, S Narsing Rao, Special Chief Secretary, Industries, Pradeep Chandra, Chief Finance Officer, IKEA, Preet Dhupar, and Country Manager IKEA, Neetu Kapasi. (KNN/ES)
A MoU to this effect was signed by IKEA’s CEO Juvencio Maeztu and Special Chief Secretary Industries, Government of Telangana, Pradeep Chandra in presence of the State Chief Minister, K Chandrashekar Rao.
Headquartered in Sweden, IKEA is one of the world's largest and recognizable international furniture, household goods and textiles’ retail company. It was one of the first companies in India to be allowed 100 per cent FDI in retail. The company intends to open a number of stores in India.
The decision by IKEA to set up its first store in Hyderabad will place Hyderabad on the international map of IKEA stores. All IKEA retail outlets have a standard design and each location entails an investment of USD 100 million (Rs 500-600 crore). In addition, the backward integration of supplier linkages will have tremendous economic impact on the State.
Speaking on the occasion, the Chief Minister said that he had seen IKEA stores during his visit to Singapore and was very impressed. He suggested that IKEA ties up with artisans in Telangana like Nirmal, Silver Filigri, Pembarti and so on for their furniture as add on products.
Rao also suggested that the famous pearls of Hyderabad also be made use of.
Further, IKEA should create employment opportunities for the local artisans and whatever IKEA wants to sell should be sourced from Telangana State, the Chief Minister said.
Clearly, IKEA considers Telangana as one of the primary states for opening of its stores in India, having come forward to sign the MOU with the government of Telangana. The company is obviously impressed with the Telangana open investment climate in its commercial and industrial fields, as well as having the potential for expanding IKEA India’s supply chain and network.
The representatives of IKEA presented the Chief Minister with a copy of their catalogue titled “Where the wonderful every day starts”. Furniture for bedrooms, bathrooms, organizing rooms, relaxing, kitchen products, etc. form a part of the catalogue.
The Telangana government will support IKEA India’s investment by appointing the Commissioner of Industries as a single contact point to ensure a speedy and transparent process for all applications, permissions and licenses.
Other dignitaries present at the event include Minister of Industries and Mines, T Harish Rao, Principal Secretary to CM, S Narsing Rao, Special Chief Secretary, Industries, Pradeep Chandra, Chief Finance Officer, IKEA, Preet Dhupar, and Country Manager IKEA, Neetu Kapasi. (KNN/ES)
Loading...
