Lulu Group to spend Rs 2,000 cr to form shopping mall near Ahmedabad

01 Dec 2021

The UAE-based retail major Lulu Group declared it would pump in Rs 2,000 crore to construct a shopping mall near Ahmedabad in Gujarat as part of its proposals to develop business in India.

The firm has inked a Memorandum of Understanding (MoU) with the Gujarat government. The Lulu Group has three operational malls in India and will launch two more malls by March 2022. The Lulu Group will infuse Rs 2,000 crore in Gujarat to install a modern shopping mall, the firm told the media.

The investment was declared during a meeting between Chief Minister of Gujarat, Bhupendra Patel, and Lulu group Chairman and Managing Director Yusuff Ali MA in Dubai. As per the MOU, the group will install a shopping mall between Ahmedabad and Gandhinagar which will generate employment for over 5,000 people. The development is likely to begin by the first quarter of 2022 and be achieved in 30 months.

The Gujarat government will encourage Lulu Group with all required help and approvals and additionally depute a senior IAS official to follow up the instruction.

Apart from this, the Lulu Group will additionally install food processing and logistics centers in Baroda and Surat for exports in the second phase of investment in Gujarat. The government will make every attempt to guarantee that land and any other help is rendered to the group so that they can start the work. Currently, Lulu runs over 220 hypermarkets and shopping malls in Egypt, the Middle East, Malaysia, Indonesia and India.

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Also read: First IKEA mall to be set up in Gurgaon at Rs 3,500 crore

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