IKEA wants no free land from Telangana!

It is known that the 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. However the company is not getting Free land from the government for some reason. They are reportedly planning to buy a plot in Raidurg, which is nearer to Hitech City and Gachibowli.

It is said that a typical Ikea store requires 7-8 acres and takes about 12-18 months to be built from scratch. Each store costs an estimated Rs.500 crore. Along with Hyderabad, the company is also planning 25 stores across the country in next 10 years.

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.