New Delhi: UAE-based giant giant group on Saturday announced it will invest RS 2,000 Crore to develop shopping centers near Ahmedabad in Gujarat as part of its plan to expand business in India.
The company has signed a Memorandum of Understanding (MoU) with the Gujarat government, he said in a statement.
The Lulu Group already has three operational malls in India and will open two more malls in this country in March next year.
“Lulu Group will invest 2,000 crore Rs in Gujarat state to establish a modern shopping center,” the company said.
The investment was announced during the meeting between Bhupendra Patel, Chairman of Gujarat Minister, and Lulu Group Chairman and Managing Director Yusuff Ali Ma in Dubai.
The Minister of Chief Gujarat made an official visit to promote the upcoming global global Summit (VGGS) and attracted foreign direct investment (FDI) to the state.
According to Mou, the Group will establish a shopping center between Ahmedabad and Gandhinagar which will create jobs to more than 5,000 people.
Construction is expected to begin in the first quarter of 2022 and completed in 30 months.
“The Gujarat government will facilitate the Lulu group with all the assistance and permits needed and also demanded senior IAS officials to follow up on the procedure,” said the statement.
Apart from this, Lulu Group will also establish a food processing center and logistics in Baroda and letters to export in the second phase of investment in the state.
“I welcome Ali’s promise to invest in Gujarat.
The government will make every effort to ensure that land and other assistance are given to the group so that they can start working,” said the minister’s chairman.
In the investment plan, Yusuff Ali Ma said: “Gujarat holds a very special place in my heart, here I first learn the basics of business because my father has a family business in Ahmedabad.
So I feel very happy to invest in Gujarat and I feel Very passionate.
Hopefully we can develop further in this excitement.
“Lulu currently operates more than 220 hypermarkets and shopping centers in the Middle East, Egypt, Indonesia, Malaysia and India.
This group employs more than 57,000 people globally.
Lulu Hypermarket and Department Store have 32 percent of retail market shares in the Gulf Cooperation Council countries.
In India, Lulu groups opened the third shopping center in Bengaluru in October this year.
In an interview with PTI, Ali has said that the company has invested around Rs 4,500 Crore for the development of five shopping centers in India in the first phase of expansion in this country.
Of the five, the three malls have been operating in Kochi, Thrissur and Bengaluru.
“Global Mall” in Rajajinagar in Bengaluru, which consists of 8 lakh square feet, is not owned by the Lulu group but will manage and operate the property.
Lulu group on Saturday said that his latest mall in the capital of Kerala Thiruvananthapuram will open next week while LUCKNOW Lulu Mall is expected to be open to shop in March 2022.