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Ikea buys 10 acres for Rs 842 crore in Haryana as part of its expansion in India

Source: Google

The global furniture company Ikea has purchased 10 acres of land in Gurugram for Rs 842 crore, making it the biggest deal to be struck by Haryana government’s development agency Huda.

The Swedish company Ikea has purchased land in Gurugram under its plan to open stores in India. The 10 acres are located in Sector 47 and the purchase was made through e-auction. According to Times of India, Huda had struggled to find success in land deals in the past. Before this deal, Huda’s record deal was selling a 2 acre plot to car-making company Hyundai in November for Rs 205.88 crore.

This deal with Ikea has given a much needed breathing space for the cash-strapped agency.

Ikea already has a presence in the city having a corporate office in Cyber Hub.  This, however, is not the first purchase for Ikea in India. Ikea made similar deals in Hyderabad and Mumbai where it plans to open its stores. It is already getting its staff ready to work in an experimental center which is due to open at Hyderabad in the coming spring.

The facility will have a 100,000 sq. ft. warehouse to ensure immediate delivery of orders, a national contact center and a 1,000 seater restaurant serving Swedish and Indian cuisines.

Ikea plans to open 25 stores in India, with an investment of Rs 10,500 crore, by the end of 2025.

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