Ingka Group to invest 900 million euros to open city centres at Gurugram and Noida

Ingka Centres, part of Ikea's retail operator Ingka Group, on Tuesday said it will invest 900 million euros (nearly Rs 7,245 crore) in India to set up two centres for business, meetings and shopping over the next few years.

According to a top company official, Ingka Group (which also includes IKEA Retail and Ingka Investments) on Tuesday started construction work of its first 'Ingka Centre' with an investment of 400 milion euros. It plans to set up a similar centre at Noida too.

While the Gurugram centre is slated to open in late 2025, it is yet to finalise a timeline for the opening of the Noida site as it is in the process of getting approvals.

''We have a plan to invest 400 million euros here at Gurugram… We have another project that we are planning to bring in to Noida. The (investment) plan in these new projects is 900 million euros,'' Ingka Centres Global Expansion & Development Director Jan Kristensson told PTI here.

When asked about the timeline for the opening of the Noida centre, he said, ''We need to look at the final plans that need to be approved and based on that we will make a schedule for when we can open, but it will be later than 2025-26.

Through Ingka Centres, he said, the company tries to cater to the needs of the local community. The centre will have other retailers, office space and also facilities for food and beverages.

Ingka Group's Ingka Centre offers shopping place, office space, food & beverage outlets and social activities collaborating with local communities.

Asked if the company planned to open more Ingka Centres in cities such as Bengaluru and Mumbai, he said the company is open to the idea but it is not on the immediate plans for the company.

Presently, Ingka Group is operating 45 'Ingka Centres' globally.

The total building area of the Gurugram centre will be around 17 lakh square feet spread over nine floors, and help generate around 2,500 jobs, the company said in a statement.

Planned to open in late 2025, Gurugram-based Ingka Centre would also have an Ikea retail store. The company expects an annual footfall of 2 crore, it added.

Ingka Group operates Ikea's retail business in 32 markets and represents about 90 per cent sales. It has three business areas -- IKEA Retail, Ingka Investments and Ingka Centres.

''Together with Ingka Centres, we will become a strong contributor to increase the overall home furnishing market and bring a unique retail experience for the many people,'' IKEA India CEO Susanne Pulverer said.

Ikea India presently operates five stores in the country. It has three big format stores at Hyderabad, Navi Mumbai and Bengaluru. Besides, it also operates two city centre stores in Mumbai.

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