IKEA to invest $1.9b in India

Sweden-based IKEA, the world’s largest furniture maker, will invest around $1.9 billion (Rs10,500 crore) in opening 25 retail stores in India, Commerce and Industry Minister Anand Sharma said on Friday. IKEA’s chief executive officer Mikael Ohlsson confirmed the investment during his meeting with Anand Sharma in St. Petersburg, according to an official statement released after the meeting. The company plans to invest 600 million euro (Rs4,200 crore) in the first stage and an additional 900 million euro (Rs.6,300 crore) later, taking total investment to 1.5 billion euro ($1.88 billion or Rs10, 500 crore).