UAE-based retail giant LuLu Group announced it will invest ₹2,000 crore in Gujarat to set up a modern shopping mall which will create employment opportunities for over 5,000 people, the company announced here on Saturday.
Gujarat holds a very special place in my heart, this is where I first learnt the basics of business," LuLu Group's billionaire MD Yusuff Ali MA said.
The announcement was made after Gujarat Chief Minister Bhupendra Patel met NRI businessman and Lulu Group Chairman and Managing Director Yusuffali MA in Dubai.
Patel led a delegation in the UAE this week to promote the Vibrant Gujarat Global Summit to be held in January 2022, and make a strong pitch to global investors to capitalise on the state’s ease of doing business.
The Memorandum of Understanding (MoU) was signed by Dr Rajiv Kumar Gupta, IAS, Additional Chief Secretary on behalf of the Gujarat Government and Yusuffali, the Lulu Group said in a press release.
The construction is expected to begin in the first quarter of 2022 and be completed within 30 months, the press release said.
Apart from a shopping mall, the Lulu Group will also set up food processing and logistics centres in Baroda and Surat respectively, which will facilitate exports, it said.
