Retail giant Lulu Group has announced a ₹2,000 crore investment to develop a shopping mall near Ahmedabad in Gujarat. The The UAE-based company will make this investment as part of its plans to expand its business in India.
The Lulu Group has signed a Memorandum of Understanding (MoU) with the Gujarat government, it said in a statement on Saturday. The company already has three operational malls in India and will open two more malls in the country by March next year.
“The Lulu Group will invest ₹2,000 crore in the state of Gujarat to set up a modern shopping mall,” the company said.
The investment was announced during a meeting between Gujarat Chief Minister Bhupendra Patel and Lulu group Chairman and Managing Director Yusuff Ali MA in Dubai.
Patel is on an official visit to promote the upcoming Vibrant Gujarat Global Summit (VGGS) and attract foreign direct investment (FDI) into the state.
Under its agreement with the Gujarat government, the group will set up a shopping mall between Ahmedabad and Gandhinagar which will create more than 5,000 jobs. The construction is expected to start by first quarter of 2022 and will be completed in 30 months.
“Government of Gujarat will facilitate Lulu Group with all necessary assistance and clearances and also depute a senior IAS official to follow up the procedures,” the statement said.
Apart from the mall, the Lulu Group will also set up food processing and logistics centres in Baroda and Surat for exports in the second phase of investment in the state.