UAE-headquartered Lulu Group on Monday signed an MoU with the State Government proposing to invest about Rs 2000 crore in setting up four shopping malls and hypermarkets and food processing units for agri exports.
The investment will commence from this financial year itself, according to the MoU signed by Additional Chief Secretary (Industries) EV Ramana Reddy and Lulu director AV Ananth Ram in the presence of chief minister Basavaraj Bommai and Lulu Group chairman MA Yusuff Ali at Davos.
Industries Minister Murugesh Nirani and IT/BT Minister CN Ashwath Narayan too are with the CM, taking part in the world economic forum (WEF) at Davos.
The Lulu investment is projected to add about 10,000 jobs, according to the company.
Lulu is the largest retailer in the Middle East, and the group company Fair Exports, has rice, fruits, vegetables, spices, and other items in its export portfolio and has offices in Delhi, Maharashtra, Karnataka, Tamil Nadu, and Kerala.