IKEA, Swedish home furnishing brand, has drawn up a long-term plan to open 25 stores in India. It plans to invest around Rs.500 crore for each store. Earlier, in July 2015, the company had bought 13 acres of land in Hyderabad for its maiden store. On September 24, it has signed a MoU with the Uttar Pradesh government for three stores in Lucknow, Agra and Noida. Similar agreements have been signed with the state governments of Telangana, Maharashtra and Karnataka.
Extracted from BS, Oct 08,’15