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IKEA eyes land in Noida for first retail store in Delhi-NCR, to invest Rs 5,000 crore

Noida : Swedish furniture giant IKEA has expressed the desire to open its first Delhi-NCR store in Noida. On Wednesday, Uttar Pradesh chief minister Yogi Adityanath signed a memorandum of understanding (MOU) with the company for an investment of Rs 5,000 crore. The MOU was signed in Lucknow in the presence of top officials from the state government and IKEA.

“IKEA will invest Rs 5,000 crore as the firm wants to open a retail outlet in Noida. The project is expected to create 4,000 direct and 4,000 indirect jobs with opening up of the store,” said RK Singh, principal secretary, UP infrastructure and industrial development department.

IKEA has been looking for a suitable land for its retail outlet in the NCR for the past two years. However, it has failed to find the required land for the project. In 2016 too, the company had signed an MOU and looked for the land in Sectors 94 and 72 in Noida. But the plan could not materialise.