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Swedish furniture retailer Ikea is all set to open its first India store in Hyderabad. A high level team from Ikea represented by CEO Juvenico Maeztu and CFO Preet Dhupar met chief minister of Telangana K Chandrashekar Rao on Wednesday.
Welcoming Ikea's initiative to locate its first Indian store in Hyderabad, the chief minister said all necessary clearances will be given through a single window to expedite the setting up of the store. Ikea is one of the world's largest and recognizable international furniture, household goods and textile retail companies and was one of the first companies in India to be allowed 100% FDI in retail.
Ikea's retail outlets have a standard design and each location entails an investment of $100 million (about R550-600 crore). In addition, the backward integration of supplier linkages will have tremendous economic impact to the state, the Telangana CM said.