March 2021 \ News \ FDI: UTTAR PRADESH
UP signs MoU with IKEA

The Yogi Adityanath government in Uttar Pradesh ...

The Yogi Adityanath government in Uttar Pradesh has signed an MoU with IKEA, the largest furniture and home applications company of the world, which will invest Rs 5,500 crore in Uttar Pradesh over the next five years. The state government has provided 50,000 square meters of land in Noida for an IKEA an outlet which will be one of the biggest outlets. 

The MoU with IKEA was signed virtually in the presence of chief minister Yogi Adityanath in February. The company has already made payment of Rs 850 crore for land in Noida while the state government earned revenue of Rs 60 crore through stamp duty. IKEA, which has opened more than 433 centres in 52 countries of the world, is preparing to invest big in UP.
Starting with Noida, IKEA plans to open at least three major outlets in Purvanchal and central UP. The plans for other outlets will be finalized with the opening of Noida Centre. The company will start all its outlets by 2025 according to the state government spokesman.