World-renowned Swedish furniture retailer IKEA has reportedly taken a decision to set up shop in Hyderabad. Sources say that a high-level team from IKEA team headed by its CEO and CFO reportedly met the Telangana Chief Minister KCR.
This was to discuss the location of their first Indian store which will now come up in Hyderabad. KCR reportedly welcomed the initiative of IKEA promising all clearances by a single window to expedite establishment of the store in Hyderabad.
IKEA is among the first companies to be permitted 100 percent FDI in retail in India. The CEO was reportedly keen to sign an MoU with the Telangana government at earliest while sources say that adequate land is already kept ready.
The brand new store will reportedly come up with an investment of Rs. 600 crores. IKEA is a leading worldwide furniture provider is considered synonymous with quality and innovative furniture.
