IKEA gets 50,000 sqm land to set up outlet in Noida, likely to invest Rs 5,000 crore in seven years – India News , Firstpost

The industrial land has been allotted to the corporate in Sector 51 for Rs 850 cr. Officials estimate job creation for two,000 folks due to the mission

Representational picture. Reuters

Noida: IKEA was on Friday handed over a land parcel measuring practically 50,000 sq metres in Noida the place the Swedish furnishings large is set to begin its first retail outlet in Uttar Pradesh, in accordance to officers.

The allotment, which has been made in Sector 51, was transferred by the Noida Authority that obtained Rs 850 crore from IKEA for the industrial land, they mentioned.

The switch was made throughout a programme held right here in the presence of prime Noida Authority and IKEA officers, whereas Uttar Pradesh chief minisiter Yogi Adityanath and UP cupboard minister Satish Mahana joined the occasion just about from Lucknow.

The firm is predicted to invest Rs 5,000 crore in Noida in seven years, Noida Authority CEO Ritu Maheshwari mentioned that officers estimate job creation for two,000 individuals due to the mission.

“In dignified presence of CM Yogi Adityanath and minister Satish Mahana, the Noida Authority handed over land for industrial growth to IKEA.

“The Authority received Rs 850 crore against the land and IKEA shall invest around 5,000 crore in the project in coming seven years and generate employment for many,” Maheshwari tweeted.

IKEA India CEO Peter Betzel, CFO Preet Dhupar and UP chief secretary RK Tiwari, amongst others, additionally joined the programme, in accordance to the Noida Authority.

Adityanath expressed happiness over IKEA beginning work in Noida and projected Uttar Pradesh as a state filled with younger crowd and a giant market.

“IKEA will make a shopping mall, hotel, office, retail outlet, etc, in Noida for the common man. Besides creating many jobs in the region, the step will prove beneficial towards the ‘ease of living’ concept,” he tweeted.

In one other tweet, he mentioned, “Heartfelt congratulations to IKEA and the Noida Authority for the memorandum of understanding. I am confident that IKEA’s decision to invest in Noida, UP will prove to be a decisive factor in their investment and growth.”

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