Home Big Grid IKEA infuses Rs 600 cr into its India retail subsidiary

IKEA infuses Rs 600 cr into its India retail subsidiary

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Ingka Group has infused Rs 600 crore in IKEA India Pvt Ltd to expand its operations in the country.

The fund infusion into its India subsidiary was made through two entities of Ingka Pro Holding BV, The Netherlands and Ingka Holding Overseas BV, The Netherlands, according to Registrar of Companies (RoC) data accessed by business intelligence platform, Tofler.

The capital infusion comes at a time when IKEA is expanding its stores in India.

In July, IKEA rolled out its second city centre and relatively smaller format in Mumbai.

The 72,000 sq ft store located in R City Mall is IKEA’s first store in a mall in India. Prior to that IKEA had opened its first smaller store in the range of 80,000 sq ft in Worli, Mumbai.

In June, IKEA , the world’s leading Swedish home furnishings retailer, had opened its maiden store in Bengaluru, located at Nagasandra and its third big box outlet in India after Hyderabad and Mumbai.

Ingka Group has also announced that it would invest Rs 7,500 crore to develop in the NCR two Ingka Centres, large retail destinations that would house other brands and retailers apart from IKEA.