Well, it was predicted that IKEA, the leading Swedish furniture retailer would probably set up its first store in Noida. But contrary to that prediction, IKEA has signed with the government of Telangana to set up its first store in Hyderabad. The deal was signed on Wednesday with T government stating conditions and terms for setting up this store in Hyd.
IKEA retail outlets entain a huge investment of about 500-600 crores for each store. Since it is the first of its kind in India regarding furniture retail stores, T government (KCR) promised to extend all the help needed to set up the store. Nevertheless, whatever IKEA wants to sell in Hyderabad should be sourced from the State to ensure the prosperity of the artisans in Telangana.
By this agreement T government wants to ensure job oppurtunities and endorsing the works of the traditional artisans from different entities known for their craftsmanship. They should add on from artisans from Nirmal, Silver Filgiri, Pembarti, pearls from Hyderabad etc for their furniture. T government would ensure treating IKEA as an industry for incentives from the central government. Very soon IKEA will set up its first store in Hyderabad following a Memorandum of Understanding (MoU) the company signed with the Telangana government on 24th September, 2014.
