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Tuesday, January 18, 2022

Lulu Group to set up mall in Gujarat with Rs 2,000 crore investment; aims to create 5,000 jobs | Companies News

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New Delhi: Lulu Group, on Saturday (December 12), announced that the UAE-based retail giant will invest about Rs Rs 2,000 crore to set up a modern shopping mall in Gujarat. 

Lulu Group added that the investment will create employment opportunities for over 5,000 people. The company made the announcement after Gujarat Chief Minister Bhupendra Patel met NRI businessman and Lulu Group Chairman and Managing Director Yusuffali MA in Dubai.

A Memorandum of Understanding (MoU) has been signed by Dr Rajiv Kumar Gupta, IAS, Additional Chief Secretary on behalf of the Gujarat Government and Yusuffali to fast-track the projects. 

The MoU suggests that Lulu Group will create a shopping mall between Ahmedabad and Gandhinagar. According to the company’s press statement, the construction is likely to begin in the first quarter of 2022. The project is expected to be completed within 30 months.  

Gujarat’s chief minister Patel is in UAE to promote the Vibrant Gujarat Global Summit to be held in January 2022. He is also urging investors to capitalise on the state’s ease of doing business.

“I welcome Ali’s promise to invest in Gujarat. The government will make every effort to ensure that land and any other assistance are provided so that they can begin work,” Patel said.

Besides a shopping mall, UAE-based Lulu Group is also going to set up food processing and logistics centres in Baroda and Surat respectively, which will facilitate exports, the company said.

“Gujarat holds a very special place in my heart. This is where I first learnt the basics of business as my father had family business in Ahmedabad. So, I feel very excited to invest in Gujarat and hope we can expand further in this vibrant state,” Yusuffali said. Also Read: Garena Free Fire Redeem Codes December 12: Here’s how to get free items, diamonds

Currently, the Lulu Group operates more than 220 hypermarkets and shopping malls in the Middle East, Egypt, Indonesia, Malaysia and India, and employs over 57,000 people. Also Read: US tornado outbreak: Amazon warehouse collapse in Illinois leaves six dead

– With PTI inputs. 

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