Swedish Furniture Manufacturing and selling giant, IKEA has chosen Telangana to open its first ever store in India. The company has promised TRS government to invest 600 Crore in the newly formed state as a part of their business plan. A high level team of the company met Telangana Chief Minister K Chandra Sekhar Rao and let him know about their expecations and plans. KCR in turn promised them a very quick clearances to start the business as soon as possible.
The company founded in 1943, is one of the world’s largest retailers in furniture, household goods and textiles. It will be one of the first companies in India after the country allowed 100 per cent FDI in retail. The Union government in last may cleared the company’s investment plan of Rs 10,500 crore for setting up single brand retail stores across the country. Telangana government hopes that the supplier linkages to the company will immensely help the women entrepreneur groups, bamboo and wood artisans, carpet makers across the state.
