Lulu Group, based in the United Arab Emirates, announced on Saturday (December 12) that it will invest roughly Rs Rs 2,000 crore in Gujarat to build a new shopping mall.
Over 5,000 people will be employed as a result of the investment, according to Lulu Group. Gujarat Chief Minister Bhupendra Patel visited NRI businessman and Lulu Group Chairman and Managing Director Yusuffali MA in Dubai and made the announcement.
Dr Rajiv Kumar Gupta, IAS, Additional Chief Secretary on behalf of the Gujarat Government and Yusuffali signed a Memorandum of Understanding (MoU) to expedite the projects.
According to the MoU, the Lulu Group plans to build a shopping mall between Ahmedabad and Gandhinagar. Construction is expected to begin in the first quarter of 2022, according to the company’s press release. The project is projected to take 30 months to complete.
In addition to a retail mall, the UAE-based Lulu Group plans to establish food processing and logistics centres in Baroda and Surat, respectively, to facilitate exports, according to the business.
The Lulu Group currently employs over 57,000 people and manages over 220 hypermarkets and shopping complexes across the Middle East, Egypt, Indonesia, Malaysia, and India.
