Swedish furniture retailer Ikea plans to more than double its investment in India to US$2.2 billion by 2030 as it ramps up expansion.

Speaking to PTI, Ikea India CEO Patrik Antoni said they have already exceeded the $1.1 billion commitment made in 2013 after securing approval to operate single-brand retail stores in India.

“We see that we will probably double that investment going forward,” he said.

“By 2030, we should have doubled that at least.”

Antoni said the additional investment will support the expansion of Ikea’s physical store network, the development of mixed-use retail centres, increased local sourcing, renewable energy projects, and enhanced technology capabilities.

Next major projects include a large-format store in Noida, scheduled to open next year, followed by another in Gurgaon in 2028.

Alongside its retail expansion, there are also plans to increase local manufacturing to support both domestic sales and exports.

“We will produce more and more, and we’ll also export more. So, we hope to do a lot more,” Antoni concluded.

• Further reading: Ikea leans into China with smaller stores as expansion accelerates.