The UAE based retail giant Lulu, is all set to open two more malls in India by March next year.
The Lulu Group already has three malls in India and is now all set to start construction of two more. The UAE-based retail giant announced on Saturday that they will invest 2,000 crores to develop a shopping mall near Ahmedabad. The company signed a Memorandum of Understanding (MoU) with the Gujarat Government ahead of their plan.
This was announced during a meeting between the Chairman and Managing Director of the Lulu Group, Yusuff Ali MA and the Chief Minister of Gujarat, Bhupendra Patel in Dubai. The Gujarat Chief Minister is presently on a visit to promote Vibrant Gujarat Global Summit (VGGS). The purpose of the official visit it to attract foreign direct investment to Gujarat.
The shopping mall will be setup between Ahmedabad and Gandhinagar, creating employment for more than 5,000 people. The construction is planned to start from early 2022 and will come to an end in about 30 months. The Lulu Group will be assisted by the Gujarat Government for the construction. Chances are that an IAS officer will be deputed for this, according to the MoU.
“I welcome Ali’s promise to invest in Gujarat. The government will make every effort to ensure that land and any other assistance is provided to the group so that they can begin work,” said Bhupendra Patel.
Yusuff Ali MA said, “Gujarat holds a very special place in my heart this is where I first learnt the basics of business as my father and family business is in Ahmedabad. So I feel very excited to invest in Gujarat and hope we can expand further in this vibrant state.”
Lulu currently operates more than 220 hypermarkets and malls in the middle east, Egypt, India, Indonesia etc. They employee more than 57,000 people each year. They have a 32% share of the retail market in Gulf Cooperation Council countries.