Indian arm of Swedish furniture retailer Ikea AB, Ikea India, has signed an MoU with the Telangana government to launch its store in the state.
Last year, this Swedish retailer has got official nod from the authorities on its proposed investment of Rs 10,500 to expand its footprint in India
Media reports have indicated that the first store in Hyderabad will be established with the investment of $ 100 million (Rs 500-600 crore).
As sources have indicated that The Telangana government is supporting Ikea’s investment by appointing the Commissioner of Industries as a single contact point to ensure a speedy, transparent process for all applications, permissions and licences.
