By Mohit Bhalla
Copyright indiatimes
AgenciesRepresentative image.
The 50 billion euro family office that owns IKEA Retail has forayed into renewable energy in India by buying out solar and wind assets from Germany-based ib vogt in Rajasthan, according to sources.Ingka Investment which houses IKEA retail has paid Rs 1200-1400 crore for the assets, they said.The solar and wind assets have a power generation potential of 241 megawatts.IKEA’s family office has been focusing on areas like circular economy, sustainability and healthcare and scouting investment opportunities in these areas.The power generation potential of the acquired assets could be larger as the projects approach more advanced stages of development, according to those in the know.Live EventsEY India is said to have advised ib vogt on the sale.“At this time, due to ongoing internal processes, we are not in a position to comment on potential new investments,” said Ingka Investment.Ib vogt and EY did not respond to ET’s queries on the sale.Berlin-based ib vogt has a project development pipeline of 50 gigawatts according to its website.Ingka group has announced an investment of Rs. 9,000 crore to develop two meeting places in the national capital region, one each in Noida and Gurugram. The meeting places will be designed as mixed use developments anchored by an IKEA store and will include other amenities.In Noida, the meeting place will have office space, entertainment areas and a hotel apart from an IKEA store and is being developed on an area of 47,000 square meters. The meeting place in Gurugram will have an area of 159,000 square meters spread over nine floors with office space of 30,000 square meters planned atop the building complex.Add as a Reliable and Trusted News Source Add Now!
(You can now subscribe to our Economic Times WhatsApp channel)
Read More News onIKEAsolar and wind assetsIngka Investmentib vogtIndia energy investmentrenewable energyRajasthan renewable projectspower generation potential
(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
(You can now subscribe to our Economic Times WhatsApp channel)Read More News onIKEAsolar and wind assetsIngka Investmentib vogtIndia energy investmentrenewable energyRajasthan renewable projectspower generation potential(Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online….moreless
