Lulu Group, a UAE-based retail company, will invest Rs 2,000 crore to develop a shopping mall near Ahmedabad in Gujarat as part of its plans to expand business in India.
The company has entered a memorandum of understanding (MoU) with the Gujarat government. The company already has three operational malls in India and will open two more malls in the country by March 2022.
The Group will set up a shopping mall between Ahmedabad and Gandhinagar which will create employment opportunities for over 5,000 people. The construction is expected to begin by Q1/2022 and completed in 30 months.
The government of Gujarat will facilitate Lulu Group with all necessary assistance and clearances and also depute a senior IAS official to follow up the procedures. It will make every effort to ensure that land and any other assistance is provided.
Apart from this, the Lulu Group will also set up food processing and logistics centres in Vadodara and Surat for exports in Phase-II of investment in the state.
Lulu currently operates more than 220 hypermarkets and shopping malls in the Middle East, Egypt, Indonesia, Malaysia and India. The company employs more than 57,000 people globally.
