Dubai, December 11 (PTI) UAE-based retail giant Lulu Group will invest Rs 2,000 crore in Gujarat to set up a modern mall that will create job opportunities for more than 5 000 people, the company said on Saturday.
The announcement came after Gujarat Chief Minister Bhupendra Patel met with NRI businessman and group chairman and CEO Lulu Yusuffali MA in Dubai.
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Patel led a delegation to the United Arab Emirates this week to promote the Vibrant Gujarat Global Summit to be held in January 2022, and deliver a strong speech to global investors to capitalize on the state’s ease of doing business.
To speed up the projects, a memorandum of understanding was signed by Dr Rajiv Kumar Gupta, IAS, additional chief secretary on behalf of the government of Gujarat and Yusuffali, the Lulu group said in a press release.
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According to the MoU, Lulu Group will establish a world-class shopping center between Ahmedabad and Gandhinagar, which will create employment opportunities for more than 5,000 people.
Construction is expected to begin in the first quarter of 2022 and be completed in 30 months, according to the press release.
Besides a shopping center, the Lulu Group will also set up food processing and logistics centers in Baroda and Surat respectively, which will facilitate exports, he said.
“I welcome Ali’s promise to invest in Gujarat. The government will do everything to ensure that land and other assistance is provided so that they can start working, ”said Chief Minister Patel.
“Gujarat holds a very special place in my heart. This is where I first learned the basics of trading as my father had a family business in Ahmedabad. So I am very excited to invest in Gujarat and hope we can develop further in this vibrant state, ”Yusuffali said.
The Lulu Group currently operates more than 220 hypermarkets and shopping centers in the Middle East, Egypt, Indonesia, Malaysia and India.
Globally, it employs more than 57,000 people, with Lulu hypermarkets and department stores holding 32 percent of the retail market share in the Gulf Cooperation Council countries, the statement said.
The group has also invested in the retail market in India with shopping malls in Kerala and Uttar Pradesh.
The Lulu Shopping Center in Lucknow, the capital of Uttar Pradesh, is expected to be open for shopping by March 2022. PTI
(This is an unedited, auto-generated story from the Syndicated News Feed, the staff at LatestLY may not have edited or edited the body of the content)
