Lulu Group, UAE to invest in Tamil Nadu

29 March 2022, Mumbai:

Multi-national conglomerate LuLu Group International on Monday signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to invest Rs 3,500 crore in Tamil Nadu to build two shopping malls and set up an export-oriented food processing unit.

(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.

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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.

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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.

A high-level delegation from Lulu will soon visit the state to finalise locations and related formalities.

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CREDITS: ET Deccan Herald Money Control Business Today (The news article has not been edited by DFU Publications staff).