Ikea applies to invest Euro 1.5 bn in India

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INDIA (Notifix).- Ikea's CEO Mikael Ohlsson met on June 21st with the Indian Minister of Commerce, Industry and Textiles Shri Anand Sharma to confirm that they will be

investing in India Euro 1.5 billion for initial establishment of twenty-five retail stores in a wholly owned subsidiary. The CEO also communicated their decision to raise existing sourcing for their global operation from India significantly. After meeting the global CEOs, Shri Sharma said that despite the problems in global economy and recent lowering of the rating outlook, investors' confidence in India remains robust.

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