Swedish furniture giant, IKEA, has signed MoU with the Uttar Pradesh government for the investment of Rs 5,000 crore to set up an integrated commercial project, including a store, in Noida.
The MoU was signed between R K Singh, Principal Secretary, Infrastructure and Industrial Development Department, and David McCausland, Country Property Manager, IKEA.
An integrated commercial project will be set up by Ikea at Noida, Gautam Budh Nagar. After the establishment, approximately 4,000 direct and 4,000 indirect employment opportunities will be created by this project.
IKEA said the first store in the state is expected to come up in Noida for which the Swedish company has not yet signed any land deal.
“The state government will provide all possible help to such investors,” the Uttar Pradesh government said in a statement on Wednesday.
IKEA had, on September 24, 2015, signed an MoU with the UP government during the previous Akhilesh Yadav regime for launching three stores in Lucknow, Agra and Noida. The deal, however, did not move forward.