Ingka Centres to Invest ₹5,500 Crore in Second IKEA-Anchored Project in Noida
Ingka Centres, a part of the Ingka Group which also includes IKEA Retail and Ingka Investments, has announced a significant investment of ₹5,500 crore to develop its second meeting place in India, located in Noida. This expansive project, set to be one of the largest retail developments in the Delhi NCR region, will be anchored by an IKEA store and branded under the name "Lykli."
The Lykli project, covering 47,833 square meters, is expected to become a prominent destination offering a combination of retail, dining, hospitality, co-working spaces, entertainment, and cultural experiences. Ingka Centres aims to create a vibrant, sustainable environment for urban dwellers, attracting more than 25 million visitors annually.
Job Creation and Economic Impact
This development is expected to generate over 9,000 jobs, contributing significantly to the local economy of Uttar Pradesh. The project reflects Ingka Centres' broader strategy to develop community-centric, sustainable retail destinations that bring people together.
According to the company, the Noida meeting place will be a space where residents and visitors can "shop, eat, live, work, and play," setting a new standard for future urban developments in India.
Timeline and Key Figures
The Noida Lykli project is expected to be completed in the coming years. Last year, Ingka Centres also announced plans for its first Indian meeting place in Gurugram, with an investment of ₹3,500 crore. The Gurugram facility is set to open by late 2025.
The announcement of the Noida project was made in the presence of key officials, including Uttar Pradesh Chief Minister Yogi Adityanath, who emphasized the project's role in transforming Noida into a hub of modern urban living. Nand Gopal Gupta, Uttar Pradesh’s Minister for Industrial Development, welcomed the project, highlighting the state’s investor-friendly policies.
Sebastian Hylving, Ingka Centres' Global Expansion and Development Director, remarked that the Noida Lykli meeting place will embody innovation and sustainability while catering to the needs of the region’s growing population.
Focus on Sustainability
In line with Ingka Centres’ commitment to sustainable practices, the Noida meeting place will incorporate eco-friendly building materials and green construction methods, reflecting the company’s dedication to environmental responsibility.
Susanne Pulverer, CEO and Chief Sustainability Officer of IKEA India, shared that the project is a significant milestone in IKEA’s journey of growth in India. She emphasized that IKEA aims to provide affordable, well-designed, and sustainable home furnishings to its customers while contributing positively to the local economy.
IKEA’s Expanding Presence in India
IKEA first entered the Indian market in 2018 with the opening of its Hyderabad store and has since expanded its footprint with large-format stores in Navi Mumbai and Bengaluru, as well as a city store in Mumbai. In addition to its physical stores, IKEA has established an online presence in major cities such as Mumbai, Pune, Hyderabad, and Bengaluru.
The Lykli meeting places, both in Gurugram and Noida, are part of Ingka Centres' long-term vision to develop world-class retail destinations in India. These projects are set to enhance the country’s home furnishing market and provide customers with a unique, engaging shopping experience.
