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Ikea inked pact with Maharashtra govt to set up 2-3 outlets investing Rs 600cr

YarnsandFibers News Bureau 2015-03-13 12:35:00 – Mumbai

Furniture retailer Ikea India, the Indian subsidiary of Swedish furniture retailer Ikea AB plans to make investment of Rs.600 crore for setting up 2-3 outlets in the state of Maharashtra for which it has inked a pact with the Maharashtra government.

Chief Minister Devendra Fadnavis told the legislature in a statement that the company will invest Rs 600 crore in Maharashtra to set up 2-3 outlets. Each outlet will create around 1000 jobs.

Ikea, one of the world's largest retailers in furniture, household goods and textiles was established in 1943. It was one of the first companies in India to be allowed 100 percent foreign direct investment (FDI) in retail under the Central Government's liberalised policy.

IKEA has around 50 suppliers in the country, is also looking to produce more for the Indian market.

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