IKEA, UP ink MoU for Noida outlet

An official spokesperson said the company has already made a payment of Rs 850 crore for the land in Noida, of which the state has earned revenue of Rs 60 crore as way of stamp duty.

The Uttar Pradesh government on Friday signed a Memorandum of Understanding (MoU) with IKEA for investment of Rs 5,500 crore in the state over the next five years. The government claimed that IKEA was going to set up its largest outlet in India in Noida.

The state has provided 50,000 square metre of land in Noida for the outlet. An official spokesperson said the company has already made a payment of Rs 850 crore for the land in Noida, of which the state has earned revenue of Rs 60 crore as way of stamp duty.

 

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