Lulu Group to Invest Rs 10,000 Crore in India
- ByStartupStory | June 26, 2023
The Lulu Group, a leading retail conglomerate from the United Arab Emirates, has announced plans to invest Rs 10,000 crore in India over the next three years. The investment will be used to set up new shopping malls, hotels, and food processing facilities across the country.
The Lulu Group already has a significant presence in India, with over 20 stores in operation. The new investment will help the company expand its footprint and reach new markets.
The company’s chairman, Yusuffali MA, said that the investment was a sign of the group’s confidence in the Indian economy. “We have started the construction of a shopping mall in Ahmedabad. And also another one in Chennai we are coming up. A food processing plant is coming up in Noida and another one in Telangana. It is Rs 10,000 crore investments in the next three years,” Yusuff Ali said when asked about the overall investments on the upcoming projects.
The investment will create jobs for thousands of people and boost the economy in the regions where the new projects are located. The company is also committed to sourcing locally, which will help to support the Indian manufacturing sector.
In addition to the economic benefits, the Lulu Group’s investment will also help to improve the retail landscape in India. The company’s malls are known for their high standards of quality and customer service. They will also help to bring new brands and products to India, which will benefit consumers.
The growth of the Indian retail sector is being driven by a number of factors, including rising incomes, a growing middle class, and increasing urbanization. The sector is expected to grow at a compound annual growth rate of 10% over the next few years.
The Lulu Group’s investment is a welcome boost for the Indian retail sector. It will help to create jobs, boost the economy, and improve the retail landscape in the country. The investment is also a sign that foreign investors are still bullish on India, and that they believe that the Indian retail sector is a good investment.
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