Abu Dhabi-based retail conglomerate, Lulu Group, is to invest US$463 million to open shopping malls, hypermarkets and a logistc centre in Tamil Nadu through a memorandum of understanding with the local government.
The first hypermarket is slated to open this year in Coimbatore, followed by the first shopping mall to open in Chennai by 2024. Food processing and logistics centres will also be set up for exporting to Middle Eastern countries. The project will provide more than 15,000 jobs to the local community during the next three years.
The investment is part of the group’s effort to deepen its influence in India where it already operates four shopping centres in Kochi, Trivandrum, Bengaluru and Thrissur.
Lulu Group currently operates more than 225 hypermarkets and shopping malls across five countries, including in Indonesia and Malaysia.