UAE-based Lulu Group to invest ₹3500 cr in Tamil Nadu

29 Mar '22

2 min read

Pic: Shutterstock

UAE-based retail firm Lulu group recently announced an investment of ₹3,500 crore in Tamil Nadu to set up shopping malls, hypermarkets and a food-logistics park. As per the memorandum of understanding (MoU) signed, the first shopping mall will come up in Chennai by 2024, while the first hypermarket is expected to open by this year-end at the Laxmi Mills compound in Coimbatore.

The MoU was signed by Pooja Kulkarni, managing director and chief executive officer of Tamil Nadu Industrial Guidance and Export Promotion Bureau and Ashraf Ali MA, executive director of the Lulu Group, the company said in a statement.

A high-level delegation from Lulu will soon visit the state to finalise locations and related formalities.

The group aims to provide more than 15,000 direct and indirect job opportunities in the next three years. It operates more than 225 hypermarkets and shopping malls in the Middle East, Egypt, Indonesia, Malaysia and India, employing more than 57,000.

The group had announced an investment of ₹2,000 crore near Ahmedabad to set up a modern shopping mall. It had also committed ₹500 crore to set up a food processing plant in Greater Noida in Uttar Pradesh.

In India, the group already has shopping malls in Kochi, Thrissur, Trivandrum and Bengaluru (the group does not own this one).

Fibre2Fashion News Desk (DS)

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