New Delhi: Ikea, Swedish home furnishing brand, on Wednesday signed a memorandum of understanding (MoU) with the Uttar Pradesh government in Lucknow. The deal, that was valued at Rs 5,000 crore, stated that Ikea will setup its store in UP’s Noida.
Chief Minister Yogi Adityanath was also present during the program held at Lok Bhavan in Lucknow.
Adityanath said that with continuous efforts of the state government, the investment environment in UP has become more lucrative. “Industrial institutions interested in large investments are setting up their establishments. According to the policies of the state government, any person or institution can invest in the state. The state government will provide all possible assistance to such investors and industrial institutions,” he added.
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 are being created by this project.
On September 24, 2015, Idea had signed a MoU with the UP government during the previous Akhilesh Yadav regime for launching three stores in Lucknow, Agra and Noida, however, things did not move forward. The company had then signed similar agreements with the state governments of Telangana, Maharashtra and Karnataka as well.
Ikea had launched its maiden India store at Hyderabad earlier this year and plans to launch stores across big cities going forward.
On July 29, Prime Minister Narendra Modi had in Lucknow laid foundation of projects worth Rs 600 billion in UP. Inaugurating the Summit, Modi had also exhorted UP and Maharashtra to compete for emerging as the country’s first trillion dollar economies. These projects were part of the Rs 4.68 trillion worth of MoUs signed with public and private sector companies during the ‘UP Investors Summit’ here on 21-22 February, 2018.
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