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UP govt signs MoU with Ikea
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SME Times News Bureau | 19 Feb, 2021
The Yogi Adityanath government in Uttar Pradesh has signed an MoU with
IKEA, the largest furniture and home applications company of the world,
which will invest Rs 5500 crore in Uttar Pradesh during the next five
years.
The state government has provided 50,000 square meters of
land in Noida for an IKEA an outlet which will be one of the biggest
outlets.
The MoU with IKEA was signed virtually in the presence of chief minister Yogi Adityanath on Friday.
The
company has already made payment of Rs 850 crore for land in Noida
while the state government earned revenue of Rs 60 crore through stamp
duty .
IKEA, which has opened more than 433 centres in 52 countries of the world, is preparing to invest big in UP.
Starting with Noida, IKEA plans to open at least three major outlets in
Purvanchal and central UP. The plans for other outlets will be
finalized with the opening of Noida Centre.
The company will start all its outlets by 2025 according to the state government spokesman.
According
to experts, the company will sell its products online as well as open
franchises and showrooms in different cities, through which a large
number of people will get the opportunity of trade and employment.
In
December 2018, the company had signed an agreement with the Uttar
Pradesh government to invest Rs 5,000 crore in Noida and other cities of
the state.
IKEA started its first centre in Hyderabad at a cost
of Rs 700 crore in 2016. IKEA plans to open a total of 25 centres in
India by 2025 by investing Rs 10500 crore. About half of the investment
will be made in UP alone.
Apart from the investment, this venture
will generate direct and indirect employment of about 50,000 in the
next five years. The company will take services of local artisans and
workers in its venture which will create another ecosystem of jobs at
the local level also.
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