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IKEA to invest €1.5 bn in Indian expansion Monday, 25th June 2012
Photo credit: IKEA Group
The world’s largest furniture retailer will spend EUR 1.5 billion on its first 25 stores in India, after finally coming to an agreement with the Indian government over foreign investment.
Known across the globe for its flatpack furniture and brightly coloured homeware, IKEA is hoping to cash in on the young, affluent middle class currently emerging within India’s urban cultures.
The announcement marks a crucial step forward for the Indian government, who has been forced to backtrack plans to allow foreign retailers to begin investing in Indian expansion programs.