Ikea India is preparing to launch 20–25 more locations, it emerged during a delegation of Swedish royals and businesspeople to the territory that began on Sunday.
The firm currently has a store in Hyderabad, and is one of more than 200 Swedish companies operating in India. The country is Sweden’s third largest trade partner in Asia.
A PTI News report quoted Swedish Trade Commissioner to India Anders Wickberg noting manufacturing, cleantech, and healthcare among others being mutual economic interests driving trade relations between the countries, bolstering a move to deepen bilateral ties.
“With this commitment, we work to increase our bilateral impact, and strive to build on joint solutions,” said Wickberg.
The inaugural Ikea India store opened in August last year and reportedly cost US$145.8 million. The store spans about 400,000sqft and represents one of the largest foreign investments in the Indian home-goods market, to date largely dominated by ‘unorganised’ retail operators.