IKEA to set up its first store in Hyderabad

Hyderabad, July 9 (INN): Telangana Chief Minister K Chandrashekar Rao welcomed the initiative of 'IKEA,' the iconic Swedish furniture retailer to locate their first Indian store in Hyderabad.

The Chief Minister said all necessary clearances will be given through a real single window to expedite starting of the store in Hyderabad.

A high level team from IKEA represented by Juvenico Maeztu - CEO, and Preet Dhupar - CFO met the Chief Minister of Telangana at the Secretariat on Wednesday.

The IKEA is one of the World's largest and recognizable international furniture, household goods and textiles retail company. IKEA is headquartered in Sweden. It was one of the first companies in India to be allowed 100% FDI in retail.

IKEA intends to open a number of stores in India. The decision by IKEA to set up its first store in Hyderabad will place Hyderabad on the international map of IKEA stores.

IKEA retail outlets have a standard design and each location entails an investment of $ 100 million (Rs.550-600 crores). In addition, the backward integration of supplier linkages will have tremendous economic impact to the State.

During discussions it was mentioned by the CEO IKEA that he liked the city of Hyderabad and its outlook in all aspects. He explained in detail the genesis and growth of the company over a period. The CEO suggested to enter into an MOU with Telangana government to serve as an umbrella for broad understanding.

During discussions with IKEA, women entrepreneur groups, bamboo and wood artisans, carpet makers of Warangal as well as SERP women's groups have been identified as potential suppliers.

Responding to the observations made by the CEO the Chief Minister explained how the Telangana state has come into existence, how it is preparing to go for a plan of policy for the State as a whole and how steps are being initiated for formulating an integrated policy for Industrial growth.

The Chief Minister said that his office will have a chasing cell to take care of the needs of potential investors right from arriving at the airport till they start the industry.

He said the Telangana government will show a way to the whole country as to what should be a real single window. He said adequate land is kept ready for allotment to industries as per their requirement.

The Chief Minister also said that the present Hyderabad will change a lot and the city, its surroundings which are recognized as ITIR area will have a huge expansion in the near future ultimately Hyderabad will become a hub for industries said Chief Minister.

Dealing with IKEA will be in a befitting manner said the Chief Minister. The CEO, IKEA extended an invitation to Chief Minister and Officials to visit their stores abroad.

Chief Secretary Rajeev Sharma, Prl. Secy. to Govt. S Narsing Rao, Spl. Chief Secretary Industries Pradeep Chandra were present when the delegation met the Chief Minister.