Lulu Group, the UAE based retail giant announced that they are going to invest Rs.2,000 crores to develop a shopping mall in Ahmedabad, Gujarat as a part of its plan to expand the business, an official statement highlighted.
The statement also mentioned that the company has signed a Memorandum of Understanding(MOU) with the Gujarat government.
According to the MOU, the group will be setting up shopping malls between Ahmedabad and Gujarat and will create employment opportunities for more than 5,000 people in the state, and the project will start in the first quarter of 2022 and will be completed in the next 30 months.
The Lulu Group has three operational malls in India and will soon open two new malls in the country by March next year.
This announcement was made during a meeting between Bhupendar Patel, chief minister of Gujarat and Lulu group chairman and managing director Yussuf Ali MA in Dubai.
Apart from this, the Lulu Group will set up food processing units and logistics centers in Baroda and Gujarat for exports in the second phase of investment in the state.