Swedish furniture retail giant Ikea on Tuesday signed an MoU with the Haryana government for an investment of Rs 2,000 crore. Confusion prevailed over the value of the investment promised.
While Ikea maintained that the MoU was for Rs 2,000 crore, Haryana pegged it at Rs 500 crore on its website. The MoU stands for mutual commitment from both parties and intends to provide clarity on working methods and ensure a legally and ethically compliant business environment. In 2015, Ikea had signed MoUs with Karnataka, Telangana, Uttar Pradesh and Maharashtra to set up stores. “Haryana is a prioritised state for IKEA due to its open investment climate. The state is investing heavily in technology, infrastructure and skill development. IKEA will set up retail stores to bring high quality, functional home furnishings with affordability and design for the many people. We will expand our supplier base and develop logistical infrastructure for our business,” IKEA India CEO Juvencio Maeztu said.