IKEA Group acquires first land parcel
The IKEA Group, the Swedish home furnishings company announced the acquisition of its first land parcel in Bengaluru. This will be IKEA’s third one in India after Hyderabad and Mumbai. The first IKEA India store in Hyderabad will open early next year.
The 14 acres site in Bengaluru is strategically located in Nagasandra on Tumkur road and has been acquired from the Bangalore Metro Rail Corporation.The IKEA store in Bengaluru is planned to be around 4.5 lakh square feet and is expected to have more than 5 million visitors per year. The store will be connected to the Nagasandra metro station to offer for easy access as well as sustainable commute for the customers to the store. Besides creating many new job opportunities, IKEA’s entry will also have a positive impact on the GDP, infrastructure and local communities, while providing aunique home furnishings destination for the many people in Bengaluru.
Chief Minister of Karnataka, Siddaramaiah said “We are very happy that we will soon see an IKEA store in Bengaluru. IKEA will bring best business practices,many employment opportunities, infrastructure development and contribute to the growth of the retail sector in the state. We believe that IKEA will work as a catalyst in our development plans. The governmentis committed to provide the necessary support to IKEA forits future expansion plans in the state.”