Representatives from Swedish furniture major IKEA met Commerce & Industry Minister Suresh Prabhu, as the company looks to ramp up its presence in India.
According to a PTI report: However, IKEA has not sought any relaxation in local sourcing norms from the Union Government, and is confident that by 2022, 30 per cent of the products it sells in India will be sourced locally.
“We are positive about the change that happened over a year ago (on local sourcing norms) when it moved from first investment/ first store opening to five years of first store opening,” Deputy Country Manager, IKEA India, Patrik Antoni told PTI.
The company is set to open its flagship store in India by next year, and is in talks with Telangana, Karnataka, Maharashtra for sourcing wood for furniture.
The Swedish company earlier said it will recruit about 800 people for the store which will come up in Hyderabad.