IKEA signs MoU to open store in Noida; create 8,000 jobs
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Swedish furniture giant, IKEA, has signed MoU with the Uttar Pradesh government for the investment of Rs 5,000 crore to set up an integrated commercial project, including a store, in Noida. The MoU was signed between R K Singh, Principal Secretary, Infrastructure and Industrial Development Department, and David McCausland, Country Property Manager, IKEA.
An integrated commercial project will be set up by Ikea at Noida, Gautam Budh Nagar. After the establishment, approximately 4,000 direct and 4,000 indirect employment opportunities will be created by this project.
IKEA said the first store in the state is expected to come up in Noida for which the Swedish company has not yet signed any land deal.
“The state government will provide all possible help to such investors,” the Uttar Pradesh government said in a statement on Wednesday.
IKEA had, on September 24, 2015, signed an MoU with the UP government during the previous Akhilesh Yadav regime for launching three stores in Lucknow, Agra and Noida. The deal, however, did not move forward.
Questions & Answers
Q.What is the total investment IKEA plans to make in this integrated commercial project?
What is the total investment IKEA plans to make in this integrated commercial project?
IKEA plans to invest Rs 5,000 crore in the integrated commercial project in Noida. This investment will cover the establishment of a store and other associated developments within the project area.
Q.How many total job opportunities are expected to be created by IKEA's new project in Noida?
How many total job opportunities are expected to be created by IKEA's new project in Noida?
The project is expected to create approximately 8,000 job opportunities in total. This includes 4,000 direct employment opportunities and an additional 4,000 indirect employment opportunities upon establishment.
Q.Has IKEA secured the land for its first store in Noida yet?
Has IKEA secured the land for its first store in Noida yet?
No, IKEA has not yet signed any land deal for its first store in Noida. The Swedish company expects the store to come up there, but the land acquisition is still pending.
Q.Has IKEA previously attempted to establish stores in Uttar Pradesh?
Has IKEA previously attempted to establish stores in Uttar Pradesh?
Yes, IKEA signed an MoU with the UP government on September 24, 2015, during the previous administration. This previous deal was for launching three stores in Lucknow, Agra, and Noida, but it did not progress.
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