UAE-based retail major Lulu group on Monday announced an
investment of Rs 3,500 crore in Tamil Nadu to set up shopping
malls, hypermarkets and a food-logistic park.
A memorandum of understanding (MoU) to this effect was signed on
Monday by Pooja Kulkarni, Managing Director and CEO of Tamil Nadu
Industrial Guidance & Export Promotion Bureau and Ashraf Ali MA,
Executive Director of Lulu Group, the company said in a
statement.
The MoU was signed in the presence of Tamil Nadu Chief Minister MK Stalin; Industry Minister Thangam Thenarasu; Yusuffali MA, Chairman of Lulu Group; other officials and dignitaries at the Abu Dhabi Chamber of Commerce HO in Abu Dhabi.
As per the MoU, the first shopping mall will come up in Chennai by 2024, while the first hypermarket is expected to open by this year-end itself at the Laxmi Mills compound in Coimbatore.
Lulu Group will also set up food processing and logistics centres for procuring and processing agri-produce for exports to middle eastern countries.
A high-level delegation from Lulu will soon visit the state to finalise locations and related formalities.
"State of Tamil Nadu provides excellent infrastructure and support to the investors and we are very happy to explore bigger investment opportunities not only in Chennai but also in tier two cities such as Coimbatore, Salem, Madurai, Trichy.