‘Ikea entering next India growth phase’
NEW DELHI : Ingka Group, the owner and operator of Ikea stores, wants to invest in Indian startups and the country’s energy sector via its investment arm, said Juvencio Maeztu, deputy chief executive officer of Ingka Group. After investing ₹10,500 crore in India’s retail market over the past decade, the company is now entering its next phase of expansion in the country, said Maeztu, who is also its board member and chief financial officer . The group is also preparing investment plans to open more stores in India and step up local manufacturing.
Ingka Group is also stepping up investments via its Ingka Group verticals. Maeztu, who was CEO of Ikea India from 2012 to 2018 when the world’s largest furniture retailer opened its first store in the country, said the company is actively engaging with the government and suppliers to increase India’s furniture manufacturing capabilities. Edited excerpts:Ikea has invested ₹10,500 crore in India. Where do you think the market is in terms of evolution within the Ikea ecosystem? Now we’re at a point where we see a win-win for the future.
The last year has confirmed that Ikea can play a role in India in supporting people to access a better life at home at affordable prices. The second part is that I want India to conquer the world with its manufacturing. Indian consumers need more Ikea.
The Indian economy needs more exports, more industrialization, and economies of scale. In this situation, we are ready to go to the next step to grow together with India by developing more manufacturing capabilities. Of course, for that to happen, we need to have harmonized standards.
Read more on livemint.com
