Lulu Group, based in the United Arab Emirates, announced a Rs 3,500 crore investment in Tamil Nadu to build shopping malls, hypermarkets, and a food-logistic park. Pooja Kulkarni, Managing Director and CEO of the Tamil Nadu Industrial Guidance and Export Promotion Bureau, and Ashraf Ali MA, Executive Director of the Lulu Group, signed a memorandum of understanding (MoU) to this effect on Monday, according to a statement from the company.
At the Abu Dhabi Chamber of Commerce HO in Abu Dhabi, the MoU was signed in the presence of Tamil Nadu Chief Minister MK Stalin, Industry Minister Thangam Thenarasu, Yusuffali MA, Chairman of Lulu Group, and other authorities and dignitaries.
According to the MoU, the first commercial mall will open in Chennai by 2024, while the first hypermarket will open in the Laxmi Mills site in Coimbatore by the end of this year.
Lulu Group will also establish food processing and logistics facilities to procure and prepare agricultural products for export to the Middle East. Lulu will send a high-level delegation to the state soon to discuss sites and other procedures.
"We are excited to explore larger investment potential not just in Chennai but also in tier two cities such as Coimbatore, Salem, Madurai, and Trichy, since the state of Tamil Nadu gives good infrastructure and assistance to investors. In the next three years, we want to give more than 15,000 direct and indirect work possibilities for Tamil youth "Yusuff Ali expressed his thoughts.
In the Middle East, Egypt, Indonesia, Malaysia, and India, the Lulu Group now manages over 225 hypermarkets and retail complexes. Globally, the company employs around 57,000 employees.
The Lulu Group has announced a Rs 2,000 crore investment in Ahmedabad to build a new modern shopping mall. It has committed to a Rs 500 crore investment in Greater Noida, Uttar Pradesh, to build a food processing factory.
Lulu Group already operates four retail malls in India, in Kochi, Thrissur, Trivandrum, and Bengaluru. The Lulu company does not own the mall in Bengaluru, but it does manage and operate it.
Hypermarket operations, shopping mall construction, products manufacture and trade, food processing plants, wholesale distribution, hotel assets, and real estate development are all part of the group's business portfolio.
