Ikea and the U.P Govt signed a MOU

Swedish furniture mammoth Ikea is all set to increase its imprint in India. Uttar Pradesh government on 19th February signed a Memorandum of Understanding (MoU) with IKEA, marking an investment deal of Rs 5,500 crore in the next seven years to generate employment for thousands of people in the state. The company will be investing in shopping mall, hotel, offices and retail areas in 5 lakh sq ft, according to a statement by Noida authority. IKEA will spend Rs 850 crores for the land purchase, which will accrue Rs 56 crore revenue in the form of stamp duty, in Noida. The MoU was signed virtually in the presence of CM Yogi Adityanath.