Skip to content
Search

Latest Stories

Ikea announces second India store to open in Mumbai

Ikea said on Friday (4) it will open its second Indian store on December 18, seeking to woo the nation's growing middle class with Swedish functionality and a dash of local masala.

The furniture giant opened its first Indian outlet two years ago in the southern city of Hyderabad. Its next shopfront will be on the outskirts of financial capital Mumbai.


"We are very excited, as Mumbai is one of our priority markets in India," Ikea India chief Peter Betzel said in a statement.

Ikea is betting big on the world's second-most populous country and its 1.3 billion people, planning to open 25 outlets by 2025 as it diversifies away from Western markets.

The Hyderabad outlet mixes the brand's staple selection of "Billy" bookshelves and bedspreads with "locally relevant products" like spice boxes and mattresses with a coconut-fibre centre.

Its canteen serves Ikea's signature meatballs but without beef or pork in deference to local religious practice, as well as local favourites like biryani.

With coronavirus cases nearing 10 million in India -- but with economic activity almost back to normal -- Ikea said customers will have to register online for an allotted time slot to visit the store.

The home goods behemoth first tried to enter India in 2006 but was foiled by strict foreign investment rules obliging international firms to partner with local companies.

Ikea said its new store would create over six thousand jobs by 2030, with the aim of ensuring half of its employees are women.

More For You

Anil Agarwal

Vedanta Resources, which is based in the UK and owned by Indian billionaire Anil Agarwal, has been working on reducing its debt. (Photo credit: Getty Images)

Getty Images

Anil Agarwal’s Vedanta Resources signs £438 million refinancing deal

VEDANTA LTD said on Thursday that its parent company, Vedanta Resources, has signed a loan facility agreement worth up to £438 million with international banks to refinance existing debt.

The refinancing move, where old loans are replaced by new ones, often at better terms like lower interest rates, has led ratings agencies such as S&P Global Ratings and Moody's to upgrade their outlook on the company this year.

Keep ReadingShow less
Trump-Getty

Trump said that while deals are being made with some countries, others may face tariffs.

Getty Images

Trump says major trade deal with India may be finalised soon

US PRESIDENT Donald Trump on Friday said a "very big" trade deal could be finalised with India, suggesting significant movement in the ongoing negotiations between the two countries.

“We are having some great deals. We have one coming up, maybe with India. Very big one. Where we're going to open up India," Trump said at the “Big Beautiful Bill” event at the White House.

Keep ReadingShow less
Asda suffers nearly £600m loss as debt and IT costs surge

Asda co-ownerMohsin Issa. (Photo: Asda)

Asda suffers nearly £600m loss as debt and IT costs surge

ASDA, one of Britain’s largest supermarkets, has reported a pre-tax loss of £599 million for 2024, swinging sharply from a £180 million profit the previous year.

The loss comes despite total sales rising by over £1 billion to £26.8bn, as the retailer faces mounting debt costs, falling sales, and spiralling spending on a major IT overhaul, the Telegraph reported.

Keep ReadingShow less
Mounjaro

Mounjaro, or tirzepatide, is part of a new class of weight-loss medications, with trials showing patients losing an average of 20 per cent of their body weight after 72 weeks.

Reuters

Lilly to sell Mounjaro pens in India as Wegovy enters market

ELI LILLY said on Thursday that it has received approval from India's drug regulator to launch pre-filled injector pens of its weight-loss drug, Mounjaro.

The move gives the company more options to compete with Novo Nordisk, which recently launched its weight-loss drug Wegovy in the country.

Keep ReadingShow less
Grant Thornton's Anuj Chande urges UK firms to tap booming India

Anuj Chande

Grant Thornton's Anuj Chande urges UK firms to tap booming India

INDIAN companies are well placed to support the UK’s economic growth, Eastern Eye has been told by Anuj Chande, partner and head of the South Asia Business Group at Grant Thornton.

He was speaking after the publication of Grant Thornton’s India Meets Britain Tracker 2025: The latest trends in Indian investment in the UK, which was released last week. While companies in India need little encouragement to enter the UK market, the reverse is not true.

Keep ReadingShow less