CHENNAI: Two days after the UAE’s LuLu Group announced an investment of Rs 3,500 crore in Tamil Nadu, a Memorandum of Understanding (MoU) was signed in Abu Dhabi on Monday in the presence of Chief Minister MK Stalin, who was on the last leg of his trip to the country.
The LuLu Group, which has shopping malls in Kochi, Thiruvananthapuram and Bengaluru, is set to invest
Rs 2,500 crore in two shopping complexes and Rs 1,000 crore in a food-processing unit, a State government release said. The investment is expected to create jobs for around 5,000 people. The MoU said its first shopping mall in TN is to come up in Chennai in 2024 while the first hypermarket — in Coimbatore’s Lakshmi Mills compound — is expected to open by this August.
“The State of Tamil Nadu, led by dynamic CM MK Stalin, 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 cities such as Coimbatore, Salem, Madurai, Tiruchy,” a statement from LuLu Group quoted its chairman MA Yusuff Ali as saying.
Stalin also met the head of infrastructure at Mubadala Infrastructure, Saed Arar, and discussed the possibilities of infrastructure investments by forming a working committee between Mubadala and the TN Infrastructure Fund Management Corporation.
Meeting Abdulla Mohammed Al Mazroeui, chair of the Abu Dhabi Chamber or Commerce and Industry, Stalin discussed investments in food processing and scope in food exports. He invited Abu Dhabi Developmental Holding Company CEO Mohammed Al Suwaidi to invest in medical and food-processing areas.