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Ikea’s Ingka Centres unveils US$915 million India plan

(Source: Ingka Group)

Ingka Centres, part of Ikea’s Ingka Group, has started construction of its first shopping centre in India at Gurugram, while planning a second project in Noida.

Jan Kristensson, global expansion & development director at Ingka Centres, told news agency PTI that the investment for the two projects is 900 million euros (US$915 million). 

The development in Gurugram is positioned as Ingka Centres’ first Ikea-anchored meeting place in the country and will feature a mix of retail, green community areas and workspaces over 159,000sqm across nine floors. Slated to open in late 2025, the meeting place is estimated to welcome 20 million visitors annually and 2500 new jobs. Ingka Centres will invest more than US$400 million on the site. 

The new Ikea store in Gurugram will span 28,000sqm and offer more than 9000 home furnishing products. The store will also house a children’s play area, ‘Smaland’ along with a Swedish restaurant and a bistro. 

Ingka Centres, however, has not yet disclosed the detailed plan for the Noida development. The official said the project will open later than 2025. Ingka Centres currently has a portfolio of 45 shopping centres in 15 international markets. 

Ikea operates five stores in India – three large format stores in Hyderabad, Navi Mumbai and Bengaluru, and two city stores in Mumbai. 

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