Ikea to invest Rs 600 crore in Maharashtra

MUMBAI: Furniture retailer Ikea India, the Indian subsidiary of Swedish furniture retailer Ikea AB, has inked a pact with the Maharashtra government to invest Rs 600 crore for setting up 2-3 outlets in the state.
“The company will invest Rs 600 crore in Maharashtra to set up 2-3 outlets,” chief minister Devendra Fadnavis told the legislature in a statement.

Around 1,000 jobs will be created per outlet, he said.

Founded in 1943, Ikea is one of the world’s largest retailers in furniture, household goods and textiles. It was one of the first companies in India to be allowed 100 per cent foreign direct investment (FDI) in retail under the central government’s liberalized policy.