Ikea is planning to invest $711 million (Rs 5,000 crore) in Uttar Pradesh, where the Swedish home furnishings major is planning to set up large and small format stores. The investment would create over 8,000 direct and indirect job opportunities in the state, Ikea said in a statement. Ikea, which is planning to set-up a large format store in Noida, has signed a memorandum of understanding (MoU) with the Uttar Pradesh government for the opening of stores in the state. The company considers UP as an "important market" and for that Ikea is "in dialogue with the present Government to facilitate our expansion plans in the State," the statement said. Ikea has opened its first store in India in August this year in Hyderabad. Ikea′s second store will open in Mumbai next year, followed by Bengaluru and Delhi-NCR.