Lulu group to Invest Rs 5,000 Crore in India in Next 4 Years
United Arab Emirates-based Lulu Group, which runs a retail chain of over 120 hypermarkets in the Middle East, has decided to invest Rs 5,000 crore in India over the next four years, largely for setting up shopping malls.
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.
"We are planning to invest Rs 5,000 crore in India over the next four years," said Ali, who is also managing director of the group which has operations in over 30 countries.
Ali, who hails from Kerala, also said his company has 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.
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