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It is expected to attract more than 25 million visitors, Ingka Centres said | File Photo
Ingka Centres, a part of Ingka Group that operates IKEA retail, will invest 607 million euros (about Rs 5,500 crore) to set up its second meeting place in India at Noida under the Lykli brand, taking its overall investment in the country to a 1 billion euros, according to the company’s Global Expansion & Development Director Sebastian Hylving.
It is betting big on the Indian market and is looking at expanding where IKEA plans to open its outlets in the country, although the opening of its first meeting place in Gurugram — Lykli Gurugram — has been pushed to 2026 from the originally planned opening in late 2025.
The company on Monday unveiled the second IKEA-anchored meeting place in India at Noida which will offer a blend of retail, dining, hospitality, co-working spaces, entertainment, and cultural experiences tailored to the needs of modern urban residents.
“It (Lykli Noida) is at an investment of 607 million euro…that investment is purely for the Noida project, and then we have an investment for GMP (Gurugram meeting place) as well. So I think it’s around 1 billion (euro) in total for the two first projects and we don’t see that it will stop with these two centres,” Hylving told PTI in an interview.
Last year the company had announced that it planned to open the first meeting place, Lykli Gurugram — where it is investing 400 million euros (around Rs 3,500 crore), in late 2025.
Elaborating further on the roadmap for Ingka Centres in India, he said, “We are looking for more opportunities, both brownfield and greenfield opportunities…We follow IKEA’s expansion…”
India is among the top three markets globally for IKEA and it will continue to be. There are big opportunities in India — a big country with a lot of positive signals in terms of market growth, high education level, good qualified people, demographics is shifting in the right direction, he added.
“We are looking at the locations where IKEA is now looking for opportunities. Sometimes it’s possible, sometimes it’s not. The cities that IKEA are looking at expanding, that is also cities that are on our map. If we can find a way together, then that’s our preferred approach forward,” Hylving said.
On Lykli Noida, he said it will create 9,000 jobs and it will be Ingka Centres’ first meeting place in the world with a hotel as part of the mixed-use development.
“We’re looking at opening in 2028,” he said adding Lykli Noida will have around 240 partners, a hotel with 267 keys and two office towers.
It is expected to attract more than 25 million visitors, Ingka Centres said.
Ingka Centres offers shopping places, office space, food and beverage outlets and social activities collaborating with the local community. It works with over 3,000 brands across its portfolio of 35 meeting places in 13 markets globally.
Together with Ingka Centres, IKEA will become a strong contributor to increase the overall home furnishing market and bring a unique retail experience, she added.
Uttar Pradesh Chief Minister Yogi Adityanath said the unveiling of Lykli in Noida marks a significant step forward in the development of the state as a hub of modern urban living.
“The project not only reflects the growth and development of Noida but also aligns with our vision of creating sustainable, community-focused spaces across the state,” he added.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First Published: Sep 09 2024 | 12:22 PM IST
