Ikea increases its investment in Indian subsidiary by Rs. 600 crores

Ikea has increased its investment in its Indian subsidiary by Rs. 600 crores.

Ingka Holding Overseas BV has made the majority of the investment.

Ikea has been attempting to expand its presence in India.

It already has three large-format Ikea stores open in Hyderabad, Navi Mumbai, and Bengaluru.

In the fiscal year ended March 2021, Ikea’s India unit reported a net loss of Rs. 807.5 crore.

The parent company has also planned to open large format shopping malls in the country through Ingka Centres.

Following the publication of the CreditSights note, the combined market cap of the seven listed Adani Group companies was reduced by 994,000 crore.