Swedish firm to set up shop in Hyderabad
It is one of the first companies in India to be allowed 100 per cent FDI in retail
Hyderabad: World-renowned Swedish furniture retailer IKEA has decided to set up shop in Hyderabad. A high level IKEA team, led by its CEO Juvenico Maeztu and CFO Dhupar, met Chief Minister K. Chandrasekhar Rao and discussed the location of their first Indian store in Hyderabad.
Mr Rao welcomed the initiative of IKEA and promised all clearances through a real single window to expedite starting of the store in Hyderabad. IKEA is one of the first companies in India to be allowed 100 per cent FDI in retail.
The CEO suggested entering into an MoU with the Telan-gana government to serve as an umbrella for broad understanding. Women entrepreneur groups, bamboo and wood artisans, carpet makers of Warangal as well as SERP women’s groups have been identified as potential suppliers for the IKEA.
The Chief Minister explained to the IKEA CEO the broad plans of the TRS government to modernise the new state in all aspects and steps initiated for formulating an integrated policy for industrial growth.
Adequate land is kept ready for allotment to industries according to its requirement, the Chief Minister said. Chief secretary Rajeev Sharma, principal secretary to the government S. Narsing Rao, special chief secretary, industries, Pradeep Chandra and others interacted with the delegation.