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IKEA plans to revise investment in India
Hyderabad, Aug 8 (IANS) Buoyed by the rapid growth of the retail sector, leading Swedish home furnishings retailer IKEA plans to increase its investments in the country.
On the eve of the launch of the first India store here on Thursday, the company officials said they plan to open over 40 stores across different formats as against 25 stores planned earlier.
The furniture giant had earlier announced plans to invest Rs 10,500 crore to open 25 stores by 2025.
Officials told reporters that they would approach the Indian government for approval to pump in more Foreign Direct Investment (FDI) but declined to give the timeline or the quantum of the additional investment.
The company is revising its investment plan, taking into consideration the country’s economic growth and geographical dividend. One of the reasons for IKEA revising its investment plan is the increase in real estate prices in some parts of India.
IKEA is opening first store almost five years after it received government approval in 2013 to invest Rs 10,500 crore in the country to open retail stores.
Patrik Antoni, Deputy CEO, IKEA India, told reporters that they have so far invested Rs 4,500 crore including in land.
“We find India is more positive now. There is a lot of young people. Economy is strong and it will be booming,” he said.
Patrik said IKEA would have both large and small stores and more touch points. The e-commerce platform would be launched next year.
Peter Betzel, CEO, IKEA India, said IKEA’s next store would open in Mumbai next summer and this would be followed by stores in Bengaluru and Delhi.
“Hyderabad is just starting point. We have long term commitment to India,” he said.
Jesper Borodin, CEO, IKEA Group told reporters that it is a proud moment as it marks a major milestone in a journey that started more than 30 years ago when IKEA partnered with local manufacturers in India.
“Now we have embarked on the journey of improving life at Indian homes,” he said.
He promised that IKEA will offer affordability with great quality, accessibility with more stores and digital platform and it will be leader in sustainability.
India’s retail sector is $600 billion and is expected to reach $1 trillion by 2020, said Ramesh Abhishekh, secretary, Department of Industrial Policy & Promotion (DIPP), who was also present at the news conference.
He said there was huge scope for entry of major retail players like IKEA as 90 per cent of the retail sector is in unorganised sector.
Hyderabad store has come up over 13 acres in the heart of HITEC City, the information technology hub. The 400,000 sq ft. facility, which has come up with an investment of Rs 1,000 crore, houses the largest restaurant for IKEA anywhere, with a seating capacity of 1,000, serving Swedish and Indian dishes.
The store will offer 7,500 affordable home furnishing products under one roof with more than 1,000 products priced under 200 rupees.
IKEA has recruited 950 employees for the Hyderabad store and 50 per cent of them are women in tune with its policy. It plans to recruit 15,000 people in the country in the next few years.
Founded in 1943 by late Swedish entrepreneur Ingvar Kamprad, IKEA currently has 403 IKEA stores in 49 countries with a sales volume of 38.3 billion euros. According to the company 936 million customers visited its stores in FY17 and more than 2.3 billion people visited IKEA online.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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