Ikea opening its shopping centre in Noida

The Sweden-based furniture manufacturing major, Ikea, is all set to open its shopping centre in India as the company took over a land parcel stretching across 50,000 sq metres in Noida's Sector 51. This project will build supporting infrastructure and organized retail catering to home furnishings in the region. The allotment of land at Sector 51 was transferred by the Noida Authority after receiving payment of ₹850 crore from IKEA for the commercial land. CEO, Noida Authority, Ritu Maheshwari said that the company is expected to invest ₹5,000 crore in Noida in seven years. Ingka Centres, which has 45 Ikea store-anchored malls across Europe, Russia and China and plans to enter the United States in 2021. Ikea has opened its first store in India in 2018 in Hyderabad followed by the one in Mumbai in 2020. Ingka Centres, owned by Ingka Group, which also owns most Ikea stores worldwide, plans to enter around 45 large cities across its existing markets including in the United States in the immediate future.