World-renowned Swedish furniture retailer, IKEA, is poised for substantial expansion in India, signalling a fresh round of investment. Having fulfilled its initial commitment of Rs 10,000 crore, the company entered the Indian market in 2013 following government approval of its Foreign Direct Investment (FDI) proposal.
The approval allowed the establishment of 10 stores along with allied infrastructure, adhering to the existing norm of 100 percent foreign direct investment in single-brand retail trading through an automatic route, as reported by PTI.
Initiating retail operations in India in August 2018 with the inauguration of its first store in Hyderabad, IKEA has since established a presence in multiple cities, including Mumbai, Pune, Hyderabad, Gujarat, Bengaluru, and Navi Mumbai. The company is actively working on projects in Delhi-NCR, slated for opening in 2025.