Ikea India to invest Rs 600 crore in Maharashtra, open up to 3 stores

Ikea India, the domestic subsidiary of Swedish furniture retailer Ikea AB, has inked a pact with the Maharashtra government to invest Rs 600 crore for setting up 2-3 outlets in the state.

"The company will invest Rs 600 crore in Maharashtra to set up 2-3 outlets," Chief Minister Devendra Fadnavis told the legislature in a statement.

Around 1,000 jobs will be created per outlet, Fadnavis said.

Founded in 1943, Ikea is one of the world's largest retailers in furniture, household goods and textiles. It was one of the first companies in the country to be allowed 100 per cent foreign direct investment (FDI) in retail under the government's liberalised policy.