UAE-based Lulu Group to invest Rs 5,000 crores in India over next four years

UAE-based Lulu Group will be investing Rs 5,000 crores in India in the next four years to set up shopping malls. It runs a retail chain of 120 hypermarkets in the Middle East. The group has already decided on the places where shopping malls would be constructed and these are Chennai, Hyderabad, Bengaluru and Thiruvananthapuram.

The group promoted by Indian businessman Yusuff Ali MA has operations in 30 countries. Along with India, the company will also open 12 hypermarkets in Saudi Arabia at an investment of Rs 2,700 crore sin the next few years. The group owns 14 hypermarkets in Saudi Arabia.

Ali, who is from Kerala, was listed by the Forbes magazine as the 30th wealthiest Indian and the 737th richest in the world. He welcomes the government’s move to consider non-repatriable investments by NRIs as domestic investment. This decision will help India get investment from the NRI community.

The company has India’s biggest shopping mall in Cochin. Ali calls himself a shopping man and so has trained his eyes on others cities. The Lulu Group has businesses in Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, UAE, Egypt and Yemen. It has 124 shopping malls. Globally, it employs 35,000 people.