Swedish home furnishings company Ikea is seeking to pump in 50 billion rupees ($696.8 million) investments in the Uttar Pradesh market over the next few years.
Ikea has inked a deal with the Indian government to opening retail stores in Lucknow, Agra and Noida as well as Telangana, Maharashtra and Karnataka to expand its footprint.
Earlier this year, Ikea launched its maiden India store at Hyderabad and plans to launch stores across big cities going forward.
Subjected to land acquisition and clearances, the transaction is expected to take place next month.