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With Rs 55 million investment, Ikea plans to open first shopping mall in India at Noida
In the days to come, the company will announce more detailed plans for the project.
After entering Europe, Russia and China, now Ikea plans to open its first shopping centre in India as it has bought a 48,000-square-metre plot in Noida on the outskirts of Delhi. Notably, Ikea has opened its first store in India in 2018 in Hyderabad and then another in Mumbai in 2020. The company said it would develop the new site into a mall anchored by an Ikea store.
Ingka Centres, the parent company of Ikea, which has 45 Ikea store-anchored malls across Europe, Russia and China and plans to enter the United States in 2021, said it planned to invest nearly Rs 55 billion ($759 million) in the Noida project. However, in the days to come, the company will announce more detailed plans for the project.
Apart from India, the Ingka Centres also has plans to enter around 45 large cities across its existing markets and the United States in the coming years.
In a statement, the company said that in October visitors had returned quickly to its malls after the lifting of Covid-19 related restrictions that had forced stores and malls to close. Ingka Centres is owned by Ingka Group which also owns most Ikea stores across the globe.