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Swedish furniture giant IKEA will invest 1.5 billion euros to open 25 retail stores in India, a government statement said on Friday. IKEA, which has no existing store in India , will initially invest 600 million euros, followed by a further injection of 900 million euros. The planned investment in India was confirmed during a meeting on Thursday between IKEA CEO Mikael Ohlsson and Commerce Minister Anand Sharma in Saint Petersburg , Russia . IKEA had reportedly been worried about sourcing norms in India that require foreign retail firms to source at least 30% of their products from local companies.

IKEA to invest 1.5bn euros in India