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  HOME | Business & Economy (Click here for more)

IKEA Opens First Store in India, Invests around $115 Million

NEW DELHI – Swedish multinational IKEA opened its first store in India on Thursday in the southern city of Hyderabad, investing around $115 million in order to gain foothold in a country with more than 1.2 billion people.

“Today is a proud moment as it marks a major milestone in a journey that started more than 30 years ago when IKEA partnered up with local manufactures in India,” IKEA Group CEO Jesper Brodin said in a statement.

IKEA plans to launch three other stores in India in Delhi, Mumbai, and Bangalore, while its long term plans include setting up at least 25 stores by 2030.

 

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