Short Takes

India Investment Journal September Edition, State Focus: Karnataka
IKEA to set up in Bengaluru

Swedish furniture giant IKEA has finalised Bengaluru as the base for its third Indian store after Hyderabad and Mumbai.

The company has announced plans for 25 stores in India by 2025, with the first set to open in Hyderabad early next year.

In Bengaluru, the firm has acquired a 14-acre land parcel from the Bangalore Metro Rail Corporation at Nagasandra on Tumkur road. The IKEA store in Bengaluru is expected to have more than 5 million visitors per year and will be connected to the Nagasandra metro station to offer easy access for the customers.

Karnataka Chief Minister Siddaramaiah said in a statement: “IKEA will bring best business practices, many employment opportunities, infrastructure development and contribute to the growth of the retail sector in the State. IKEA will work as a catalyst in our development plans.”

IKEA India CEO Juvencio Maeztu added: “Karnataka is a highly strategic and important market for IKEA. Along with retail stores, IKEA’s purchasing team will also grow local sourcing and engage with local artisan and communities in many projects.”