Ingka Centres to invest Rs 3,500 crore to build mixed-use development in Gurugram

NEW DELHI: Ingka Centres, part of the Ingka Group which also includes IKEA Retail and Ingka Investments, will invest around Rs 3,500 crore (€400 million) to build 1.3 lakh sq meter mixed-use development in Gurugram, the company said in a media release.

Construction of the mixed-use development which it calls’meeting place’ will start in early 2022 and is expected to generate more than 2,500 jobs. The company expects to welcome more than 20 million people annually at this meeting place.

Manohar Lal Khattar chief minister of Haryana said, “We welcome IKEA and Ingka Centres to the state of Haryana. The government is committed to provide Best support to facilitate a smooth investment flow into the state. This project will not only establish Gurugram as one of the newest shopping destinations but also provide employment in the region. This step is yet another validation of our development plans for the region.”
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Cindy Andersen, managing director, Ingka Centres said, “India is an exciting opportunity for us and our partners to bring new experiences to customers and to develop meeting places that bring value to communities and the planet.” Ingka Centres 52nd meeting place will be developed under the new Livat brand and will offer a mix of hospitality, food and beverage, ‘edutainment’ learning spaces, alongside a wide retail offer anchored by an IKEA store. The company says it will work closely with local authorities to enable a convenient and direct access to the metro. Peter Betzel, CEO and CSO, IKEA India said, “We are happy to announce our IKEA store in Gurugram together with Ingka Centres. India is an exciting country for IKEA, and we have a long-term commitment to reach the many people with our omnichannel approach.”

Noida to develop a meeting place and is investing close to Rs 5,500 crore (above €600 million) for its development. Ingka Group had launched its first IKEA India store in Hyderabad in August 2018
and second store in Navi Mumbai in December 2020. The company also operates online in Mumbai, Bengaluru, Hyderabad, Pune, Ahmedabad, Surat, and Vadodara.