Hyderabad: Hyderabad has become a very attractive destination for several multinationals coming to India for the first time, as the State offers a great deal in Ease of Doing Business, said IT and Industries Minister, KT Rama Rao here on Thursday.
Inaugurating IKEA’s first store in the country at Hitec City on Thursday, Rao said that with the Swedish retail giant opening its gateway to India, Hyderabad will be an exclusive store for IKEA and also become a destination where people across the country will fly in to shop.
He said the global brand has made lot of customisation and localisation and they have been working with local carpenters, artists and women. “I hope local suppliers, vendors would also benefit with IKEA store in a big way”, he said.
The Swedish home furnishings retailer is spread over 4,00,000 sft in more than 13 acres and offer 7,500 products. The store has employed 950 co-workers in Hyderabad and about 1,500 indirectly.
The Rs 1,000 crore store would sell 1,000 products made in India and around 20 per cent of the products are locally sourced. It also houses a 1,000-seater restaurant, IKEA’s largest such restaurant anywhere in the world.