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IKEA may open its first India store in Hyderabad

HYDERABAD: Swedish retailer IKEA may choose Hyderabad for its first store in India. The company will invest at least $100 million (Rs 630 crore) in the city, according to two state government officials who met the company’s India head Juvencio Maeztu on Wednesday. Maeztu himself was not available for comment.

“The IKEA team is looking for at least five acre of land at a prime location in the city. They did not seek any incentives over and above those being offered by the state government as part of its policy for mega projects,” said a senior bureaucrat who met the team from the Swedish company. “They have promised to come up with a detailed project proposal in couple of weeks.”

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