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Gujarat to See Rs 2,000 Crore Investment From Lulu Group for Shopping Mall

    13 December , 2021         Fdiindia

Gujarat to See Rs 2,000 Crore Investment From Lulu Group for Shopping Mall

Lulu Group, a UAE-based retail giant, announced that it would develop a shopping mall near Ahmedabad in Gujarat as part of its business expansion plans in India. The mall will be built at the cost of Rs. 2,000 crore.

In India, the group already has three malls that are currently operational and plans to open two more by March next year.

“The Lulu Group will invest Rs. 2,000 crore in the state of Gujarat to set up a modern shopping mall,” said a statement from the company.

The company has signed a Memorandum of Understanding (MoU) with the Gujarat government regarding the same.

Bhupendra Patel, chief minister of Gujarat, is on an official visit to Dubai to promote the forthcoming Vibrant Gujarat Global Summit (VGGS) and attract foreign direct investment (FDI) into the state.

The announcement was made during a meeting between the chief minister and Yusuff Ali MA, Lulu Group chairman and managing director.

As per the MoU, the proposed shopping mall will provide employment to more than 5000 people. The project is anticipated to be completed in 30 months. The construction is expected to start by the first quarter of next year.

“Gujarat holds a very special place in my heart. This is where I first learnt the basics of business as my father had a family business in Ahmedabad. So I feel very excited to invest in Gujarat and hope we can expand further in this vibrant state,” said Yusuff Ali.

Apart from the mall, the group also plans to set up food processing and logistics centers in Baroda and Surat for export purposes during the second phase of the investment.

“Government of Gujarat will facilitate Lulu Group with all the necessary assistance and clearances and also depute a senior IAS official to follow up the procedures,” said the statement.

“I welcome Ali’s promise to invest in Gujarat. The government will make every effort to ensure that land and any other assistance is provided to the group so that they can begin work,” said the Gujarat CM.

 


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