Stockholm: One of the world’s largest mall business, IKEA’s mall business on Tuesday said it has bought a plot of land next to New Delhi for a shopping center in Gurugram that is set to open for the first time in India.
Inga Center, which has 47 malls that call themselves “meeting places”, anchored by IKEA stores across Europe, Russia and China and plans to enter North America and India, said the project The estimated investment for the project was approximately €400 million ($450 million). ) and that construction will begin in early 2022.
Managing director Cindy Andersen told Reuters that the company expects to complete the center, which will house office space in addition to an IKEA store, in late 2025.
Inca Centers announced in February that it had bought a plot in Noida on the outskirts of Delhi and planned to invest about Rs 55 billion in its first shopping center in India, but said on Tuesday that one in Gurugram would will open first.
Andersen said in an interview, it is expected that the Noida store will open soon after Gurugram.
Like furniture giant IKEA, Ingka Centers is looking for locations in major cities in multiple markets. In India, Anderson said, the INCA centers will focus on two projects in Delhi for the time being.
IKEA opened its first store in India in 2018 in Hyderabad.
Ingka Centers is owned by the Ingka Group, which owns the majority of IKEA stores around the world.
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