25194 Tue, 06/26/2012 - 11:38am
NEW DELHI-Ikea has told the government of India that it plans to open 25 stores in that country, involving an investment of an estimated $1.9 billion.
According to a statement from India’s Department of Commerce, Mikael Ohlsson, Ikea’s CEO, met the Union Minister of Commerce, Industry and Textiles, Shri Anand Sharma, last week to discuss the move. Along with confirming Ikea’s plans and proposed investment, Ohlsson said the retailer has decided to significantly increase the amount of sourcing it does from India.
The statement added that Ikea would open the Indian stores as part of a wholly owned subsidiary. No timetable was given in the statement for the opening of the stores.