Trade 24-11-2021 Hits: 2005

IKEA to build India's 1st shopping centre in Gurugram (Delhi, NCR)

Trade 24-11-2021 Hits: 2005

24 November 2021, Mumbai:

IKEA's malls business, one of the world's biggest, said on Tuesday it had bought a plot in Gurugram next to New Delhi for a shopping center that will be its first to open in India.

Ingka Centres, which has 47 malls, that itself calls "meeting places", anchored by IKEA (IKEA.UL) stores across Europe, Russia, and China and plans to enter North America and India, said the estimated investment for the project was around €400 million ($450 million) and that construction would start in early 2022.

Managing Director Cindy Andersen told Reuters the company expected to complete the centre, which will besides an IKEA store also house office space, in late 2025.

Ingka Centres in February announced it had bought a plot in Noida on the outskirts of Delhi and planned to invest nearly 55 billion rupees in its first shopping centre in India, but said on Tuesday the one in Gurugram would open before that. REUTERS

(The news article has not been edited by DFU Publications staff)

Gurgaon, India, 2019. Aerial shot of Rapid metro tracks in urban areas of New Delhi NCR, Gurugram, Noida. A very useful addition to existing DMRC rail Stock Photo - Alamy

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