Ingka Centres to invest Rs 5,500 cr in India on 2nd meeting place at Noida

Ingka Centres, a part of Ingka Group that operates IKEA retail, will invest 607 million euros (about Rs 5,500 crore) to set up its second meeting place in India at Noida under the Lykli brand, taking its overall investment in the country to a 1 billion euros, according to the company's Global Expansion & Development Director Sebastian Hylving.

It is betting big on the Indian market and is looking at expanding where IKEA plans to open its outlets in the country, although the opening of its first meeting place in Gurugram -- Lykli Gurugram -- has been pushed to 2026 from the originally planned opening in late 2025.

The company on Monday unveiled the second IKEA-anchored meeting place in India at Noida which will offer a blend of retail, dining, hospitality, co-working spaces, entertainment, and cultural experiences tailored to the needs of modern urban residents.

"It (Lykli Noida) is at an investment of 607 million euro...that investment is purely for the Noida project, and then we .