Explanation:

Swedish furniture giant Ikea is all set to increase its presence in India. Uttar Pradesh government on 20th Feb signed a Memorandum of Understanding (MoU) with IKEA, sealing an investment deal of Rs 5,500 crore in the coming seven years to generate employment for thousands of people in the state. The company will be developing shopping mall, hotel, offices and retail areas in 5 lakh sq ft. The MoU was signed virtually at the CM’s residence in Lucknow in the presence of Chief Minister Yogi Adityanath.