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.
While the malls will be built at a cost of Rs 2,500 crore, the food processing unit will come up at a cost of Rs 1,000 crore. The MoU between LuLu Group International and the state government was signed in the presence of Chief Minister M K Stalin and M A Yusuff Ali, Chairman and Managing Director of LuLu Group International.
The government said the three projects will provide employment to over 5,000 people. 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 in Coimbatore, Laxmi Mills compound.
“Apart from the malls and hypermarkets, the 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 Lulu will soon visit the state to finalise locations and related formalities,” the company said.
“We are very happy to explore bigger investment opportunities not only in Chennai but also in tier two cities such as Coimbatore, Salem, Madurai, Trichy,” Yusuff Ali said.
On Saturday, Ali, while complimenting Tamil Nadu for its excellent state-of-the-art infrastructure, had said that the group will begin construction of the malls “very soon.” During Stalin’s visit to the UAE, the government signed MoUs with various companies.
In his speech, Stalin said the state government, ever since he assumed the office of Chief Minister in 2021, has signed 124 MoUs attracting investments worth $8 billion creating employment opportunities for nearly 20,000 people.
“Tamil Nadu has registered a positive GDP growth rate of 5.8 per cent in 2020-21 in contrast to negative growth in most economies. This clearly demonstrates why global investors have reposed their faith and confidence in Tamil Nadu,” Stalin said in his speech.
To achieve $1 trillion economy by 2030, Stalin said, the government is undertaking a number of activities such as improving the infrastructure, upskilling the workforce to improve productivity, and undertaking measures to attract investments in new sunrise sectors such as electric vehicles, advanced chemistry cells, and technical textiles.
Stalin invited industrialists from the UAE to invest in food processing, real estate, hospitality, and food parks among other sectors. He also asked investors from Dubai to consider setting up their units in a massive furniture park that is coming up in Thoothukudi in southern Tamil Nadu.
“Our goal is to attract investment across sectors, including manufacturing and services, and to develop Tamil Nadu into a global investment hub. Our mission is to achieve economic development through inclusive growth and maintaining social well-being,” Stalin said.
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