IKEA to Invest Rs.3,000 crore in Karnataka

27 June 2022: IKEA India opened the doors to its first store in the city of Bengaluru. Situated on a 12.2-acre plot at Nagasandra, the 4,60,000 sq. ft. big-box format facility is its fourth in India after Hyderabad, Navi Mumbai and Worli City Store. An investment of Rs.3,000 crore has been envisaged in Karnataka, as per news reports.

IKEA is committed to India for the long term. Delhi NCR, Mumbai and Bangalore are identified among the fast-growing cities for Ingka Group globally. In India, their ambition is to reach 100 million people in India by 2022. They will establish a strong omnichannel presence in the markets and are also exploring other opportunities in India. It will be through a combination of big IKEA stores, smaller city-center stores, and online platforms.

As a modern home furnishings retailer, IKEA will bring best practices from its 75+ years of experience, create employment opportunities, provide skill and competence and increase manufacturing, thereby creating a positive impact on the state, society, and the many people.

IKEA India has been present in India for 30 years as part of the INGKA Group, sourcing many different products for IKEA stores worldwide. Its suppliers are strategic long-term partners. IKEA works closely with suppliers in setting up efficient and sustainable production processes to create affordable home furnishing products with good design and quality. Together with its suppliers, it supports innovation and entrepreneurship and invests in modern manufacturing technology that helps create globally competitive capacities and set up greenfield factories.

IKEA wants everyone to feel good about the products it sells, which is why a lot of work is put into supplier relationships and those relationships that reach beyond. That’s why, in year 2000 it launched IWAY, a supplier code of conduct. IKEA suppliers are responsible for communicating IWAY to their sub-suppliers.