United Arab Emirates-based LuLu Group is planning to invest Rs 5,000 crore in India over the next five years. LuLu Group, known for running a retail chain of over 120 hypermarkets in the middle East, will be setting up shopping malls in India.
The group, promoted by Indian businessman Yusuff Ali M A, has already zeroed in on constructing mega shopping complexes in Chennai, Hyderabad, Bengaluru and Thiruvananthapuram.
Ali, who hails from Kerala, has also decided to open 12 hypermarkets in Saudi Arabia at an investment of Rs 2,700 crore in the next few years. The Lulu group currently owns 14 hypermarkets in Saudi Arabia.
According to a report in PTI: About investment in India, the promoter of the company with an annual turnover of $5.5 billion globally, said he was enthused by Indian government’s decision to consider non-repatriable investments by NRIs as domestic investment.
The LuLu Group has major businesses in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE, Egypt and Yemen.