IKEA acquires 23-acre plot for store in Navi Mumbai

Swedish home furnishing company IKEA has announced the purchase of a 23-acre plot in Turbhe, Navi Mumbai, where it hopes to set up its first retail store in the Mumbai region.

IKEA India P Ltd, the Indian arm of IKEA, the world's largest home furnishing company, is setting up a four lakh-sq ft store to showcase its range of products to an estimated 5 million visitors a year.

The site, located in Navi Mumbai on the Thane-Belapur Road, will be easily accessible, the company said.

This is the company's second purchase in India after Hyderabad. Ikea is currently evaluating suitable sites in Bangalore, Mumbai, Delhi and NCR and plans to open 25 stores in India by 2025.

''We are very happy that we will soon see an IKEA store in Mumbai. IKEA will bring best business practices, many employment opportunities, infrastructure development and contribute to the growth of the retail sector in the state,'' principal secretary (industry) Apurva Chandra said.

''Maharashtra is one of the most important markets for IKEA. Along with setting up retail stores, we will expand our supplier landscape and grow local sourcing as much as possible,'' Juvencio Maeztu, CEO, IKEA India, said, adding that each IKEA store will employ 500 to 700 workers directly and another 1,500 indirectly, engaged in providing services.

''We are committed to having 50 per cent women in our organisation at all levels and giving equal opportunities to all. We will bring a unique shopping experience through our inspiring stores offering affordable home furnishing products for the many people in Mumbai,'' he added.