Published
Dec 13, 2021
Download
Download the article
Print
Text size

Lulu Group to invest Rs 2,000 crore in Gujarat shopping mall

Published
Dec 13, 2021

On December 11, retail business Lulu Group announced its plan to invest Rs 2,000 ($300.6 million) in the development of a shopping mall close to Ahmedabad in Gujarat, as the UAE-based business expands in India. 

Lulu Group’s retail arm Tablez runs Yoyoso stores (pictured) in India and the business has three malls in the country so far - Tablez- Facebook


“Lulu Group will invest Rs 2,000 crore in the state of Gujarat to set up a modern shopping mall,” said Lulu Group in a statement, the Press Trust of India reported. The business has signed a memorandum of understanding with the state government of Gujarat to move ahead with its mall construction plan.
 
According to the MoU, the new mall will be located between Ahmedabad and Gandhinagar. The mall will create employment opportunities for 5,000 local people. The business plans to begin construction in the first calendar quarter of 2022 and the project is projected to take 30 months to complete. 

“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,” said the business in its statement. 
 
Lulu Group currently owns three operational malls in India and plans to open two further malls by March, 2022. The business also aims to open food processing and logistics centres in Baroda and Surat in Gujarat, which will focus on products for export as part of the second phase of its investment plan for the state. 

Copyright © 2024 FashionNetwork.com All rights reserved.