LuLu Group to infuse Rs 3,500 cr to provide over 15,000 jobs in TN
On Monday, the UAE-based LuLu Group, a $7.4 billion retail conglomerate, inked a memorandum of understanding (MoU) with the Tamil Nadu government to infuse Rs 3,500 crore in the state to create over 15,000 direct and indirect job opportunities to youth in the coming three years. The chief minister-led delegation inked several MoUs with investors to draw Rs 6,100 crore investment during the five-day visit to the UAE. The MoU was inked in the presence of chief minister M K Stalin and the chairman of LuLu Group MA Yusuff Ali in Abu Dhabi. The first shopping mall will be set up in Chennai by 2024, while the first hypermarket is likely to launch by this year-end in Coimbatore, at the Laxmi Mills compound. LuLu Group will additionally install a food processing and logistics centre for exports to the Middle East. A high-level delegation from the firm will shortly visit the state to finalise locations and complete other investment formalities. Tamil Nadu led by dynamic chief minister M K Stalin renders excellent infrastructure and help to the investors, and they are very happy to explore bigger investment opportunities not just in Chennai but also in tier two cities like Coimbatore, Salem, Madurai and Trichy, as per Yusuff Ali. In India, the group has three shopping malls in Thiruvananthapuram, Bengaluru and Kochi. Its fourth mall is likely to be opened in Lucknow by the May end of 2022. Earlier, Stalin met Abdullah Mohamed Al Mazrouei, the elected chairman of the Federation of UAE Chambers of Commerce and Industry and invited UAE firms to install food processing units, food parks and cold chains and logistics facilities in Tamil Nadu to export food products to UAE, the Middle East and North African nations. Image Source
Also read: Lulu Group to spend Rs 2,000 cr to form shopping mall near Ahmedabad
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