Ambani family along with two promoter group firms -- Tattvam Enterprises and Samarjit Enterprises -- acquired 3.20 per cent shares from another promoter group entity Devarshi Commercials

Coronavirus update: IKEA has already shut operations temporarily in Austria, Belgium, Canada, Croatia, Czech Republic, Denmark, Germany, Italy, France, the Netherlands, Poland, Portugal, Slovakia, Spain and Switzerland, and the United States

Betzel said that the company would not increase product prices for now as they want to be affordable and does not plan to increase product prices

Coronavirus updates: IKEA has said that it is temporarily closing half of its 30 stores in China due to the deadly coronavirus claiming as many as 132 lives on Wednesday. Here's for more

IKEA also said that customers who bought the travel mugs online would get a full refund and those who bought from the stores can return it and get a full refund

The Swedish furniture giant said that millions of visitors visited the Ikea store and the turnover of the outlet is also as per the expectations of the company

The government also allowed single brand retailers to have online only models as opposed to earlier, when they were not allowed to have a digital store unless they had a physical presence

IKEA India said the online store is part of its new multichannel approach to reach 100 million customers in the next three years. The online store will offer 1,000 products priced below Rs 200, with uniform across India, both in the offline and online stores

IKEA remains committed to expand its large format stores to other locations in India, but is also looking at a multi-channel approach in India, which means a mix of smaller format stores and the e-commerce option

The online furniture and home products marketplace Pepperfry introduced the omni-channel model in home and furniture industry when it launched its first Studio in Mumbai in 2014.

Rustomjee is looking at a revenue of Rs 700 crore from this project alone with this partnership.

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IKEA officials said that they are looking to develop retail and commercial parks that would include shopping centres, offices and integrated commercial projects in the state.

Online furniture market place Pepperfry recently announced its FY-18 consolidated numbers, which showed a decline in their losses straight for the second year.

IKEA Group reported a 26 per cent drop in operating profit for its fiscal year through August

Swedish home furnishings giant Ikea says it is cutting 7,500 jobs worldwide as a result of a new strategy

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