IKEA acquires 14-acre land in Bengaluru

IKEA acquires 14-acre land in Bengaluru
Swedish home furnishings company IKEA on Wednesday said it has acquired a 14-acre land parcel from Bangalore Metro Rail Corporation to set up its first store in Bengaluru.

This will be the third IKEA store in India, after Hyderabad, where it is scheduled to open early next year, and Mumbai, where work began earlier this month.

The site for the Bengaluru store, which is planned to be 4.5 lakh sq feet, is located in Nagasandra on Tumkur Road. IKEA India Chief Executive Officer Juvencio Maeztu said, “Karnataka is a highly strategic and important market for IKEA. Along with retail stores, IKEA’s Purchasing team will also grow local sourcing and engage with local artisan and communities in many projects. Our first Indian sofa supplier is from Karnataka supplying to our global stores.”

He added, “Each IKEA store will employ 500-700 coworkers directly, and another 1,500 people indirectly in different services. We are committed to inclusion and diversity, and having 50% women in our organisation at all levels is non-negotiable.”

Alongside, the company is further evaluating suitable sites in the cities of Bengaluru, Mumbai, Delhi-NCR, Chennai and Pune, and plans to open 25 stores in India by 2025.
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