Swedish furniture retailer Ikea on Wednesday signed a memorandum of understanding (MoU) with the Uttar Pradesh government to invest Rs 5,000 crore in setting up an ‘integrated commercial project’ and opening stores in the state. The investment is expected to help create 8,000 direct and indirect jobs over the years. Ikea said the first store in the state is expected to come up in Noida for which the Swedish company has not yet signed any land deal.

Publication: The Economic Times (Online)

Date: December 20, 2018