Live Markets »News & Advice»Market News»Market News Details
Market News Details
Back

IKEA to invest Rs 20 bn in Bengaluru store by 2020, employ 2,500 co-workers

IANS/Bengaluru 12 Oct 18 | 01:18 AM

FILE PHOTO: IKEA sign seen on the exterior of one of their stores in the UK | Photo: Shutterstock

Swedish furniture, kitchen appliances and home accessories retailer IKEA would invest Rs 20 billion in setting up and expanding its store in this tech hub in 2020, a top official said on Thursday.

Related Stories

    No Related Stories Found
Widgets Magazine

"As Karnataka is a priority for us, we are investing Rs 10 billion in setting up our popular store and another Rs 10 billion in expanding it later," IKEA India Chief Executive Peter Betzel told reporters at its ground-laying ceremony in the city's northwest suburb.

The European behemoth, which opened its first store in the country at Hyderabad in August, will employ about 1,000 co-workers directly and engage 1,500 indirectly in services at the 5-lakh square feet Bengaluru store.

State Deputy Chief Minister G. Parameshwara, state Industries Minister K.J. George and officials participated in the event.

ALSO READ: Will customise our business model for India, says Ikea CEO Peter Betzel

"We expect 7 million (70 lakh) people to visit the store in a year as a range of affordable and elegant home furnishings and other items will be on display for sale," asserted Betzel on the occasion.

In addition to parking space for about 2,000 cars, the store will have a 1,000 seater restaurant serving Swedish and Indian delicacies.

"We will also have children's play area beside 7,500 products on offer with a solution to create a better and brighter life at home," Betzel noted.

ALSO READ: IKEA to spend Rs 30 bn for 3 fulfilment centres in Mumbai, Bengaluru, Delhi

Swearing that Bengaluru was a special city for the company, the executive said the city's cosmopolitan people would flock to the store for shopping, and relaxing with families and friends.

IKEA's foray into Bengaluru will create hundreds of jobs with manufacturing in the state under best practices in retail and supply chain.

The store will have solar panels, LED lights, rainwater harvesting, water treatment plants and modern waste management systems.

ALSO READ: IKEA stops selling veg biryani at Hyderabad store after shopper finds worm

"We will use electric vehicles (EV) for deliveries and co-worker transportation in the future," added Betze.

Widgets Magazine

Sensex

Company Price Gain (%)
Tata Motors174.554.58
Power Grid Corpn192.103.56
Vedanta206.952.86
H D F C1,957.752.81
Wipro340.102.10

Poll

Currently No Poll Available.

Online Portfolio

You can create Online Portfolio here using the below button.

Widgets Magazine