World’s largest furniture retailer, Ikea is planning to double its sourcing of home furnishing products from India by 2020 to € 630 million, from the present figure of € 315 million. The company has been sourcing products from India for the past 27 years, working with 48 suppliers. “We are not only looking at already existing home furnishing manufacturers but also new companies to diversify into the product category, who are looking at growing with us,” avers Sandeep Sanan, Head, Sourcing, Ikea South Asia. As part of the ‘Make More in India’ initiative, Ikea India will conduct seminars, focusing on enrolling new suppliers in categories such as textiles and rugs as well as for new home furnishing categories, in Mumbai and Bangalore in January, seeking participation from 100 potential suppliers. Ikea India Pvt. Ltd is seeking to expand its authorized capital to Rs. 875 crore from the current Rs. 70 crore to establish its retail operations in the country and the company has promised to invest Rs. 10,500 crore to open large stores. The company has been in talks with various State Governments to acquire land both for its stores as well as warehouses. It is looking for suitable locations in the Delhi-NCR (National Capital Region), Mumbai, Bangalore and Hyderabad.
