​Ikea has no option to buy its factory in Russia, the new owner announced on Tuesday, thus ruling out the possibility of the Swedish group returning to the country in the future, Reuters reported, citing Agerpres.

Invest Plus, a special investment vehicle (SPV) owned by Vadym Osipov, in March completed a deal to buy Ikea’s largest Russian manufacturing asset, the Novgorod factory, more than a year after the world’s largest furniture retailer ceased retail and production in Russia market, reports Reuters.

Osipov is the managing director and co-owner of Slotex, a leading domestic manufacturer of laminate and kitchen countertops.

“The transaction does not include any redemption option. We want to develop this acquisition as a long-term strategic investor,” Osypov said, noting that he could not disclose the financial terms of the deal. And the name of the factory, IKEA Industry Novgorod, will be changed 8 months after the completion of the deal.

Osipov assured that the work of the plant will be fully restored in three to six months, and part of the production will be launched in May. He said that in the next two to three years, investments in this enterprise will amount to 2-3 billion rubles ($25.3-37.9 million).

Many Western companies, from energy producers to clothing chains, have left Russia since Vladimir Putin decided to send tens of thousands of troops to Ukraine in February 2022 as part of a so-called “special military operation.”

The Swedish group closed its Russian stores in March and later said it would sell its factories, close offices and cut 15,000 jobs in Russia. IKEA later briefly resumed online sales in Russia for the sale.

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