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Business News/ Companies / News/  Lulu Group to invest 3,500 crore in Tamil Nadu

Lulu Group, the UAE-based retail major, on Monday said it will invest 3,500 crore in Tamil Nadu to set up shopping malls, hypermarkets and a food-logistic park.

A MoU or memorandum of understanding to this effect was signed on Monday by Pooja Kulkarni, Managing Director and CEO of Tamil Nadu Industrial Guidance & Export Promotion Bureau and Ashraf Ali MA, Executive Director of Lulu Group, the firm said in a statement.

The MoU was signed in the presence of Tamil Nadu Chief Minister MK Stalin; Industry Minister Thangam Thenarasu; Yusuffali MA, Chairman of Lulu Group; other officials and dignitaries at the Abu Dhabi Chamber of Commerce HO in Abu Dhabi.

According to the MoU, the first shopping mall will come up in Chennai by 2024, while the first hypermarket is expected to open by this year-end itself at the Laxmi Mills compound in Coimbatore.

Lulu Group to set up food processing, logistics centres

Lulu Group will also set up food processing and logistics centres for procuring and processing agri-produce for exports to middle eastern countries.

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

"State of Tamil Nadu provides excellent infrastructure and support to the investors and we are very happy to explore bigger investment opportunities not only in Chennai but also in tier two cities such as Coimbatore, Salem, Madurai, Trichy.

"Our aim is to provide more than 15,000 direct and indirect job opportunities to Tamil youth in the next 3 years," Yusuff Ali said.

At present, the Lulu Group operates over 225 hypermarkets and shopping malls in the Middle East, Egypt, Indonesia, Malaysia and India.

The group employs more than 57,000 people across the world.

Lulu Group has announced an investment of 2,000 crore near Ahmedabad to set up a modern shopping mall.

It has committed an investment of 500 crore to set up a food processing plant in Greater Noida, Uttar Pradesh.

In India, Lulu Group already has four operational shopping malls in Kochi, Thrissur, Trivandrum and Bengaluru.

The mall at Bengaluru is not owned by the Lulu group but it is managing and operating the property.

The group's business portfolio ranges from hypermarket operations to shopping mall development, manufacturing and trading of goods, food processing plants, wholesale distribution, hospitality assets and real estate development.

Last month, the Lulu Group had said that it will invest 400 crore to set up food park in Kerala.

The announcement was made by the Lulu group Chairman during food sector exhibition, Gulfood'22 being held in Dubai World Trade Centre.

With agency inputs

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Updated: 28 Mar 2022, 05:53 PM IST
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