The group proposes to invest Rs 10,500 crore in single-brand retail trading in India through a 100 per cent subsidiary.
The company, which has employed 950 people directly and another 1,500 indirectly at its store in Hyderabad, plans to hire 15,000 in the coming years as it expands operations in India.
Swedish furnishing major IKEA, part of the Ingka Group, is inviting its investment arm - Ingka Investments - to India, a senior company executive said during an interaction in New Delhi. The move suggests that the group is looking at India as a priority market. The areas of investments being considered by Ingka Investments could range from taking stake in companies across sectors such as renewables, recycling, real estate, and software which synergise with IKEA's broader retail requirements.
The company is hunting for the right location at the right price in major cities
Swedish furniture giant IKEA is set to launch its first small-format city store at Worli, Mumbai, on Thursday. IKEA, which is part of the Ingka Group, had set up its first store in the country in Hyderabad in August 2018, which was followed by a store in Navi Mumbai in December last year. The company has an online presence across Hyderabad, Mumbai, Bengaluru, Surat, Ahmedabad and Vadodara.
The Euro 25-billion firm can now set up furniture stores in India, along with restaurants and cafes, in line with its global concept.
Whether it's Carrefour, Ford, or other foreign majors, they are ready to adjust their strategies and design their plans in a way that would address the Indian consumption story.
'Sweden removed the inheritance tax because many of the rich were fleeing. For example, the owner of IKEA had migrated out of Sweden'
Tata group leapfrogged over 100 positions from last year's 124th rank in the annual 'Global 200: The World's Best Corporate Reputations' list, compiled by US-based Reputation Institute. The global list, which includes 10 other Indian companies, has been topped by Japanese auto maker Toyota, followed by US-based internet search giant Google, Sweden's Ikea, Italy's Ferrero and another American firm Johnson & Johnson.
Future's home retailing interests, including furniture and furnishings, are housed under Praxis Home Retail, which was created in FY18 when the group demerged the business from Future Retail.
'This offers us many opportunities to meet people in different ways, and we will do this with full respect to India.'
T E Narasimhan/Business Standard reports from Chennai on how the Future group plans to shore up its small store network in the South.
Palo Alto-based electric carmaker Tesla has initiated talks with the government on the modalities of setting up fully-owned retail outlets. The company needs to comply with the foreign direct investment (FDI) guidelines related to single-brand retail, including local sourcing norms, to sell directly in India. At least two other foreign majors - Apple and Ikea - were engaged in talks with the government long before the sourcing norms were eased under the single-brand retail route.
'Modest in its ambitions, eager in its naiveté, The Extraordinary Journey of the Fakir is a kiddie fantasy masquerading as an adult's movie,' notes Sukanya Verma.
Decision-making is stretched because of differences in views between ministries.
India's MRP and Packaged Commodities Acts are dated and not in line with the modern world's digital price mechanisms and comparisons.
Apple's online launch is a symbol of success for FDI in single-brand retail, though there's no indication of how much the Silicon Valley major would invest in the country.
Bangladesh accident and foreign retailer eyeing India spark optimism among Tirupur textile exporters.
The lack of a strong diversity policy on the part of companies, a limited pool of women candidates as well as socio-cultural factors contribute to their low numbers.
Phonemaker Apple is said to be in talks to take 30,000 sq ft retail space at plush property Maker Maxity, in Bandra Kurla Complex
Experts say Biyani will now become a contract manufacturer of fashion and FMCG products, with the Reliance group being one of his customers.
Infosys Technologies has been ranked as the tenth best company in terms of leadership.
Riding on e-commerce wave is the youngest state, which faces competition from neighbours.
The latest updates from the film industry.
This week's digest of stories that are weird, true and funny.
Microsoft co-founder Bill Gates tops list of the world's top 25 richest self-made billionaires.
Multinational consumer goods company Procter & Gamble has been named world's best company in terms of leadership followed by General Electric and Coca-Cola in the second and third place respectively, as per a Hay Group study.
Still, the earliest India will get to experience Apple online will be early 2020 and the company's first fully-owned signature store should be up around 2022 -- almost two decades after it had opened its first store worldwide, writes Nivedita Mookerji.
Ashley Furniture Industries, which made a debut in India last month in Bengaluru, planning to open 100 stores in India over the next few years.
Infosys aims to commission 55 MW of solar plants by end of 2016.
Recent easing of restrictions does not address the pain in the sector.
Policy constraints may prevent many of the global retail giants from reaching their full potential.There are too many restrictions right now in the sector and policy makers lack clarity.
The government has given up plans to reconvene a parliament session to secure approval for a common goods and services tax.
The rise of the mall in India, at a time when many in the United States are becoming debt-ridden white elephants.
Foreign retail chains, reluctantly allowed limited entry, have begun to make their initial moves and, like Ikea, intend to spend big money -- sometimes in the billions of dollars.
Have committed themselves to investing Rs 1,85,000 crore since last year.
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