Hurray! IKEA's first India shopping mall coming in Noida

Noida: IKEA was on Friday handed over a land parcel measuring nearly 50,000 sq metres in Noida where the Swedish furniture giant is set to start its first retail outlet in Uttar Pradesh, according to officials.

The allotment, which has been made in Sector 51, was transferred by the Noida Authority that received Rs 850 crore from IKEA for the commercial land, they said.

The transfer was made during a programme held here in the presence of top Noida Authority and IKEA officials, while Uttar Pradesh Chief Minisiter Yogi Adityanath and UP Cabinet Minister Satish Mahana joined the event virtually from Lucknow.

The company is expected to invest Rs 5,000 crore in Noida in seven years, Noida Authority CEO Ritu Maheshwari said that officials estimate job creation for 2,000 persons due to the project.

"In dignified presence of CM Yogi Adityanath and Minister Satish Mahana, the Noida Authority handed over land for commercial development to IKEA.

"The Authority received Rs 850 crore against the land and IKEA shall invest around 5,000 crore in the project in coming seven years and generate employment for many," Maheshwari tweeted.

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IKEA India CEO Peter Betzel, CFO Preet Dhupar and UP Chief Secretary R K Tiwari, among others, also joined the programme, according to the Noida Authority.