Lulu Group signs MoU with Karnataka state government to invest Rs 2,000 crore in malls, hypermarkets
On May 23, Lulu Group signed an memorandum of understanding with the state government of Karnatika to invest Rs 2,000 crore in establishing shopping malls, among other developments in the state.
According to the MoU, Lulu Group will set up four shopping malls, hypermarkets, and food processing units for agricultural exports, ET Bureau reported. The investment will begin from this financial year (2023) and will add around 10,000 jobs to the state, according to Lulu Group.
The MoU was signed at the World Economic Forum in Davos in Switzerland which began on Monday and runs until May 26. Karnataka’s additional chief secretary for industries EV Ramana Reddy and Lulu Group director AV Ananth Ram signed the MoU in the presence of Karnataka chief minister Basavaraj Bommai and Lulu Group chairman MA Yusuff Ali. A number of Indian politicians from across the country are taking part in the forum.
Lulu Group is headquartered in the UAE and run by M A Yusuff Ali who hails from Thrissur, Kerala and launched the business in the year 2000. The multinational conglomerate operates across Asia and also has retail estate and hospitality arms, according to its website.
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