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Ingka Group plans to invest ₹3,500 cr in Gurugram retail hub

Ingka Group plans to invest Rs 3,500 crore in the national capital region to build its second large-format shopping and entertainment complex, which would host a variety of brands, including its flagship Ikea store, the firm announced on Tuesday.

The Ingka Centre in Gurugram will begin construction in early 2022 and will be finished by 2023. In February, it announced its entry into the Indian market with a $5.500 crore investment in a centre in Noida.

The company is situated in Leiden, the Netherlands. Ikea Retail and Ingka Investments are both parts of the Ingka Group. The group’s shopping centre business is known as Ingka Centres. It has more than 50 locations around the world. 

The Livat (‘spirited’ in Swedish) trademark will create the Ingka Centre in Gurugram. Apart from an Ikea flagship shop, it will contain hospitality, food and beverage, and edutainment learning facilities.

“The development, with a gross building area of around 130,000 sq. m, will complement Ingka Groups’s Noida centre. Reflecting the local community’s need for more than shopping, the new meeting place will set the standard for the next generation of sustainable mixed-use destination, acting as a lively gathering place for leisure, entertainment and retail in one of the world’s fastest growing markets,” the company said.

According to Cindy Andersen, managing director of Ingka Centres, the Ingka Group intends to reach out to more people through new initiatives in more markets. “When it comes to retail and leisure, change is the only constant. This is why our first Livat meeting place in India will be adaptable, with multiple offerings to match consumer lifestyles,” she added.

Livat expects approximately 20 million people to shop, work, dine, exercise, study, interact, and be inspired every year. It is anticipated that 2,500 employment will be created.

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