Lulu Group has announced an investment of Rs 3,500 crore in Tamil Nadu to set up shopping malls, hypermarkets, and a food-logistic park.
The company entered a memorandum of understanding (MoU) with the Tamil Nadu Industrial Guidance & Export Promotion Bureau.
As per the MoU, the first shopping mall will come up in Chennai by 2024, while the first hypermarket is expected to open by the end of 2022 at the Laxmi Mills compound in Coimbatore.
Lulu Group will also set up food processing and logistics centres for procuring and processing agri-produce for exports to middle eastern countries.
A high-level delegation from the company will soon visit the state to finalise locations and related formalities. The company aims to provide direct and indirect job opportunities to more than 15,000 people in the next three years.
The company has also announced an investment of Rs 2,000 crore near Ahmedabad. Gujarat to set up a modern shopping mall. It has committed an investment of Rs 500 crore to set up a food processing plant in Greater Noida, Uttar Pradesh.