Hyderabad, Aug 8 (IANS) After leading Swedish home furnishing company IKEA, Danube Home of United Arab Emirates (UAE) is also entering India.
Like IKEA, Danube Home, the home furnishing arm of Danube Group, is also opening its first store in Hyderabad.
On a day when IKEA announced formal opening of its first India store in information technology hub of HITEC City, a top Telangana government official said Danube will be launching its first store in September.
Danube, said to be the biggest home furnishing company in the Middle East, has taken leased premises to open the store at Kothaguda, near HITEC City.
Jayesh Ranjan, Principal Secretary, Industry & Commerce, Government of Telangana, said investment and other details would be known soon.
A top official of Danube Home had said in May that they are looking to expand in the Gulf Cooperation Council (GCC) countries and also entering Indian market with an investments of 300 million Dirham.
Adel Sajan, director, Danube Group was quoted by a media report that India is a huge market and they can open up to 25-30 stores in five years.
The company currently has 25-plus stores across Middle East and North African Region. In May it opened its 9th and the biggest showroom in Abu Dhabi, spanned over 75,000 sqft with 30,000 home furnishing products.
Sajan had said that they are entering Indian market as India's economy is growing and the middle income class population is also expanding rapidly.