Ingka Centres, part of the Ingka Group, which also includes IKEA Retail and Ingka Investments, has taken its first step to expand into India with a major land acquisition.
The 47,833 sq m plot in Noida, Uttar Pradesh will be developed into an IKEA anchored retail destination, adding to Ingka Centres 45 existing Meeting Places around the globe. Total volume of investment into the project is planned to be close to above $727 million. The new development is expected to create more job opportunities, support infrastructure development, and the growth of organized retail and home furnishings sector in the region. Ingka Centres’ detailed plans for the project will be announced in the near future.