UAE-based retail giant Lulu Group to invest Rs2000 crore to build a shopping mall in Gujarat.
- ByStartupStory | December 13, 2021
An MoU was signed between the Gujarat government and the CMD of Lulu Group, Yussuf Ali during a meeting between CM of Gujarat, Bhupendra Patel and Yusuff Ali of Lulu Group regarding investment in the state of Gujarat . The agreement was signed between Rajiv Kumar Gupta, additional chief secretary signed on behalf of Gujarat Government and Yusuff Ali CMD of Lulu Group.
A shopping mall between Ahmedabad and Gandhinagar will be set up by the UAE-based company which will create employment to more than 5,000 people. The construction is expected to start by the first quarter of 2022 and be completed in 30 months.
On the deal, Yusuff Ali said in a statement, “Gujarat holds a very special place in my heart, this is where I first learnt the basics of business as my father had family business in Ahmedabad. So I feel very excited to invest in Gujarat and hope we can expand further in this Vibrant state,”. The government of Gujarat has promised to facilitate Lulu Group with all necessary assistance and clearances and also depute a senior IAS official to follow up the procedures.
Lulu currently operates more than 220 hypermarkets and shopping malls in the Middle East, Egypt, Indonesia, Malaysia and India. Globally, Lulu Group employs more than 57, 000 people. Lulu hypermarkets and department stores have a 32 per cent share of the retail market in Gulf Cooperation Council countries.
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