Swedish retail giant IKEA Group, which has obtained clearance for a 100 per cent venture in India, is now looking for large land tract near highways and metro to set up its stores.

IKEA India Chief Executive Juvencio Maeztu said that finding the right locations for the company's stores in the country was very important so that people could access the stores easily.

Speaking on the topic, Maeztu said, "The right location for us is a big piece of land with easy connection to the highway and it has to be near the metro (train)."

He added that the company would like to purchase plots of land and develop them.

He further added that people should not expect IKEA stores to come into existence this summer, suggesting that the company could take time to open the stores.

The chief of the company's India operations also said that he could not predict the rate of growth for the company's upcoming stores but stressed that the company would be running a lot of stores and lot of local suppliers after three decades.

The Foreign Investment Promotion Board (FIPB) has cleared IKEA Group's proposal to open ten stores in India in the coming ten years, followed by second phase of fifteen additional outlets at a total investment of Rs 10,500 crore.