Home furnishing giant Ikea India’s CEO, Juvencio Maeztu recently signed a Memorandum of Understanding (MoU) with the Principal Secretary, Infrastructure and Industrial Development, Mahesh Kumar Gupta (representing the Uttar Pradesh government), to open stores in Uttar Pradesh (UP). With an investment of Rs. 500 crore per store, the first phase will see stores coming up in Lucknow, Noida, and Agra. The company is also working closely with carpet suppliers of Bhadoi to increase production and enhance working conditions, by setting up an exclusive automatic loom. It is one of the first companies to be allowed 100 per cent foreign direct investment in retail, in India.
