Ingka Centres to invest Rs 3,500 crore to build mixed-use development in Gurugram

New Delhi: Ingka Centers, part of the Ingka Group that also includes IKEA Retail and Ingka Investments, will invest around 3,500 crore (€400 million) to build a 1.3 lakh sq meter mixed-use development in Gurugram, the company said in a media release.

Construction of the mixed-use development, which it calls 'meeting place' will start in early 2022 and is expected to create more than 2,500 jobs. The company expects to receive more than 20 million people annually at this meeting place.

Manohar Lal Khattar, Chief Minister of Haryana, said: "We welcome the IKEA and Engka shopping centers to the state of Haryana. The government is committed to provide the best support to facilitate the smooth flow of investments in the state. This project will not only establish Gurugram as one of the trendiest shopping destinations, but also provide employment in the region. This step is yet another validation of our development plans for the region."

Ingka Centers says its move to India is part of its strategy to expand into new markets and build a portfolio of retail-led destinations that are future-proof and attractive to all.

"India is an exciting opportunity for us and our partners to offer new experiences to clients and develop meeting places that add value to communities and the planet," said Cindy Andersen, managing director, Ingka Centres.

The 52nd meeting place for Ingka Centers will be developed under the new Livat brand and will offer a mix of hospitality, food and beverage , ‘edutainment’ learning spaces, alongside the extensive retail offering offered by an IKEA store. The company says it will work closely with local authorities to allow convenient and direct access to the metro.

Peter Betzel, CEO and CEO of IKEA India said: "We are delighted to announce the IKEA store on Gurugram together with the Ingka centers. India is an interesting country for IKEA and we have a long-term commitment to reaching so many people through of our omnichannel approach. "

This is the company's second largest development in the National Capital Region (NCR). In February 2021, it announced the acquisition of a 47,833 sq meter plot in Noida to develop a meeting place and is investing close to Rs 5,500 crore (above €600 million) for its development.

Ingka Group launched its first IKEA India store in Hyderabad in August 2018 and the second store in Navi Mumbai in December 2020. The company also operates online in Mumbai, Bengaluru, Hyderabad, Pune, Ahmedabad, Surat and Vadodara.

Source: Economics Times

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