"Ingka Centres to Invest €1 Billion in India Expansion, Focuses on New Meeting Places"

Ingka Group, the owner of Ingka Centres and Ikea Retail, has identified India as one of its top three priority markets. To capitalize on this, Ingka Centres is investing nearly €1 billion to establish two new Ikea-anchored meeting places in Gurugram and Noida. The company unveiled its second meeting place in India, branded as Lykli, in Noida on Monday, with Uttar Pradesh Chief Minister Yogi Adityanath in attendance.

Sebastian Hylving, Global Expansion & Development Director at Ingka Centres, revealed that the Gurugram meeting place is scheduled to open in 2026, while the Noida site is set to open in 2028. “We are investing approximately €1 billion in these two projects and have more developments planned. India is a top priority for us, and we are eager to expand further,” Hylving told businessline.

Hylving noted that while India’s retail market primarily consists of transactional shopping centers, Ingka Centres aims to offer a more comprehensive experience. “Our meeting places are designed to meet local needs, providing not just shopping, but also dining, living, working, and entertainment options. This holistic approach will set us apart in the Indian retail landscape,” he said. The company plans to blend global practices with local insights, emphasizing sustainability.

Regarding future expansion, Hylving said Ingka Centres is exploring both greenfield and brownfield opportunities in India. “We have a solid understanding of the Indian market and are identifying promising opportunities, though competition for land is a factor. Our expansion strategy will adapt to these conditions,” he explained.

The Noida meeting place, which will cover 47,833 square meters, represents an investment of approximately €607 million (₹5,500 crore). It will feature an Ikea store, two office towers, 240 stores, and a hotel with 267 rooms, with an expected annual visitor count of 25 million. This development will also create over 9,000 jobs. Notably, it will be Ingka Centres’ first meeting place worldwide to include a hotel.

The Gurugram site, scheduled to open first, will be similar in size but with a different configuration, including an Ikea store and 253 stores. Ingka Centres is also considering introducing tailored concepts such as Circuit, which focuses on a circular economy; Saluhall, a food hall; and Hej! Workshop, a community workspace featuring IKEA home furnishings, to its Indian locations.

HBL