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Lulu Group is on an expansion spree in India. Image: commons.wikimedia.org/Lulu Group
Hypermarket chain and mall operator Lulu Group International will open malls and hypermarkets in Tamil Nadu on the heels of its ambitious plan to build India’s biggest mall in Ahmedabad.
The Lulu Group will also open export hubs in Uttar Pradesh and Jammu and Kashmir.
Khaleej Times reported that the group will also start a food park in Gujarat with the help of the UAE government, expected to be the biggest in Asia.
Lulu Group Chairman Yusuff Ali has held talks with Tamil Nadu Chief Minister MK Stalin and Gujarat Chief Minister Bhupendra Patel in this regard, the report said.
Ahmedabad to house India’s biggest mall
The Lulu Group has already acquired land for the upcoming shopping mall in Ahmedabad at an estimated cost of Rs 519 crore. The Rs 4,000 crore mall is being built on land measuring 20 lakh square feet.
Lulu's Chairman and Managing Director Yusuff Ali has gone on record that the shopping mall, which is expected to start construction soon, will provide direct and indirect employment to more than 7,500 people.
Reports indicate efforts are underway to start Asia's largest food park in Gujarat, with support from the UAE government.
Lulu Mall in Chennai?
Lulu Group is reported to be holding discussions with the authorities in Tamil Nadu to build a mall in the State capital Chennai. Last year, the Group had opened Lulu Hypermarket in the State’s industrial hub, Coimbatore.
In Uttar Pradesh and Jammu & Kashmir, the group is planning export hubs for fruit and vegetables, which will help the local farmers in a big way. Uttar Pradesh is India’s largest exporter of mangoes while the Jammu and Kashmir region accounts for over two million tonnes of apple exports annually.
The UAE-headquartered Lulu Group operates more than 250 outlets, including department stores, malls, and hypermarkets worldwide. In India, Lulu malls are in Kochi, Thiruvananthapuram, Thriprayar, Palakkad, Bengaluru, Lucknow, and Hyderabad. The Group has also announced that it will open malls in Kozhikode and Kottayam soon.
IPO on the anvil
Last year, its Chairman and Managing Director Yusuff Ali told reporters in New Delhi that the Group expects to come up with its initial public offering in 2024, adding that it would be launched in the Gulf. The Group is reported to have appointed Moelis and Co as its advisor for the IPO.
