Lucknow: In its continuous endeavour to make Uttar Pradesh one of the most preferred investment destinations, the Yogi Adityanath government has signed an MoU with IKEA, the largest furniture and home applications company of the world, which will invest Rs 5,500 crore in Uttar Pradesh.
The Swedish company is going to start its outlet in Noida, which will be the biggest outlet in India, and bring an employment outburst in the state by directly and indirectly engaging around 50 thousand people.
The Yogi government has provided 50,000 square meters of land in Noida to IKEA to make an outlet. Along with allotting land to IKEA in Noida, the state government has shelved a plan to invest around Rs 5000 crore in the company. IKEA, which has opened more than 433 centers in 52 countries of the world, plans to open a total of 25 centers in India by 2025 by investing Rs 10500 crore of which Rs 5,500 crore will be in Uttar Pradesh.
The store in Noida will not only give employment to more than 50,000 people but also it will help the local art and handicraft industry flourish.Industries Minister, Satish Mahana
Starting with Noida, IKEA plans to open at least three major outlets in Purvanchal and Central Uttar Pradesh. The company will start all its outlets by 2025 according to the plan set with the Yogi government.
Industries Minister, Satish Mahana said, “Around 47,833 square meters of land has been allotted to IKEA in Noida. We are committed to making Uttar Pradesh self-reliant and creating employment for our people. We have been engaging with top companies of the world to come and invest in Uttar Pradesh keeping in consideration our investment-friendly policies. The global giants like Samsung, Hiranandani, Thales, Microsoft have already invested in Uttar Pradesh and we will keep up the momentum with the right strategy and eco-system to make UP one of the most preferred investment destinations”.
“The store in Noida will not only give employment to more than 50,000 people but also it will help the local art and handicraft industry flourish. It will give a disruption to the traditional and indigenous-to-UP crafts to display their work internationally and find a home across the globe” he added further.
The IKEA store in Uttar Pradesh is also expected to give wings to the local art and handicraft of Uttar Pradesh to find a global platform. It will directly engage with the artisan and help them evolve with a global outlook which will lead to skill development and employment generation in the State.
In December 2018, the company signed an agreement with the Uttar Pradesh government to invest Rs 5,000 crore in Noida and other cities of the state.