Lulu Group plans to invest Dh5b in India in the next 3 years

Lulu Group plans to open five more shopping malls in India within three years, with an investment exceeding Dh5 billion, Yousuf Ali M.A., chairman of Lulu Group said.

“We have started construction of a shopping mall in Lucknow. We will start construction in Vishakapatnam in February. We are also coming up with malls in Thiruvananthapuram and Ahmedabad, and those are in final stages,” Yousuf Ali told Gulf News on the sidelines of the India-UAE partnership summit.

Lulu Group is planning to invest Dh1.7 billion in a shopping mall, hotel and a convention centre in southern city of Vishakapatnam, and Dh1.15 billion of investment in a shopping mall in Lucknow. The company also plans to set-up a food processing unit in Hyderabad. The company will use part of its reserves along with term loans to finance these projects.

Meanwhile, Adeeb Ahmad, Managing Director, Lulu Exchange Holdings said there is an opportunity for further development of the mutually beneficial partnership.

“This partnership can lead to bigger and better growth prospects for both countries, especially in the travel and tourism sector. Travel and tourism being a service-oriented sector, will keep contributing to the growth of jobs, investment and overall development of the economies of both countries,” Ahmad said.