As per report yesterday, the world’s largest furniture retailer, IKEA, opened its flagship store in a sprawling 20 acre campus in the city's busiest locations, Hitech City. Meanwhile with a vision to provide world class furniture at affordable prices, the Swedish manufacturer chose Hyderabad to make its first footprint into India with its 4 lakh square foot outlet.
Presently IKEA offers trendy furniture and home accessories from kitchenware to dining products. Moreover IKEA Hyderabad will function with a workforce of 950 employees, the largest headcount among its stores world over. Furthermore the Indian furniture market will face a tough time with IKEA's entry, which is expected to trigger a price war.
Hence on the flip side, the Sweden based company
already faces a legal challenge in the form of a Public Interest Litigation
filed by Congress leader Revanth Reddy, who claims that the Telangana
government allotted the land, which was supposed to be offered to IT companies,
without inviting tenders. Further Revanth Reddy alleged that the government
suffered a huge loss of Rs 500 crore by giving the land away.
London court orders against Mallya! London court has ordered extradition of liquor baron and multi millionaire Vijay Mallya to India. At the same time, the court has also granted a time frame of 14 days to appeal against the court verdict. In the case against Businessman Vijay Mallya on him escaping from India and landing in London, after failing to repay the huge loans he had taken from Public sector banks of India, the London court has now pronounced its verdict.
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