Ikea to open store in Hyderabad

Swedish furniture retailer Ikea signed an agreement with the Indian state of Telangana to open its first store in Hyderabad, Indian media reported.

Ikea India Chief Executive Juvencio Maeztu met chief minister K Chandrasekhar Rao and sought help to get a location near one of the Metro retail stores in the city for their store, Press Trust of India reported, citing a release from the government.

The Telangana government has appointed the Commissioner of Industries as a contact point to ensure necessary clearances for the company's operations.

Ikea is one of the first companies to get approval for 100 percent foreign direct investment in India.

The world's biggest furniture retailer reportedly said last week it was planning to invest $500 million in India to set up 25 stores in cities like Mumbai, Delhi, Hyderabad and Bangalore over the next decade. (bit.ly/1qh2gfz)

Company officials left for Bangalore in the neighbouring state of Karnataka on Wednesday to meet officials for a similar purpose, the Business Standard daily reported.

Ikea was not immediately available for comment.