IKEA gets 50,000 sqm land to set up outlet in Noida, likely to invest Rs 5,000 crore in seven years

Representational image. Reuters

Noida: IKEA was on Friday handed over a land parcel measuring nearly 50,000 sq metres in Noida where the Swedish furniture giant is set to start its first retail outlet in Uttar Pradesh, according to officials.

The allotment, which has been made in Sector 51, was transferred by the Noida Authority that received Rs 850 crore from IKEA for the commercial land, they said.

The transfer was made during a programme held here in the presence of top Noida Authority and IKEA officials, while Uttar Pradesh chief minisiter Yogi Adityanath and UP cabinet minister Satish Mahana joined the event virtually from Lucknow.

The company is expected to invest Rs 5,000 crore in Noida in seven years, Noida Authority CEO Ritu Maheshwari said that officials estimate job creation for 2,000 persons due to the project.

“In dignified presence of CM Yogi Adityanath and minister Satish Mahana, the Noida Authority handed over land for commercial development to IKEA.

“The Authority received Rs 850 crore against the land and IKEA shall invest around 5,000 crore in the project in coming seven years and generate employment for many,” Maheshwari tweeted.

IKEA India CEO Peter Betzel, CFO Preet Dhupar and UP chief secretary RK Tiwari, among others, also joined the programme, according to the Noida Authority.

Adityanath expressed happiness over IKEA starting work in Noida and projected Uttar Pradesh as a state full of young crowd and a big market.

“IKEA will make a shopping mall, hotel, office, retail outlet, etc, in Noida for the common man. Besides creating many jobs in the region, the step will prove beneficial towards the ‘ease of living’ concept,” he tweeted.

In another tweet, he said, “Heartfelt congratulations to IKEA and the Noida Authority for the memorandum of understanding. I am confident that IKEA’s decision to invest in Noida, UP will prove to be a decisive factor in their investment and growth.”