12th October 2021, Mumbai:
UAE-based Lulu Group, which opened its new shopping mall at Bengaluru, will complete two more properties in India during the next six months. The company has committed an investment of around Rs 4,500 crore for the development of five shopping malls in India in the first phase of expansion in the country. Out of these five, three malls have already become operational at Kochi, Thrissur and now Bengaluru.
The 'Global Mall' at Rajajinagar in Bengaluru, comprising 8 lakh sq ft, is not owned by the Lulu group but it will manage and operate the property.
The upcoming mall in Trivandrum will open by end of this year, while the retail mall at Lucknow is scheduled to open in the first quarter of 2022.
In the first phase, the group will invest around Rs 4,500 crore for all these five projects. In the next phase, it is looking at new markets in the states where it is already present and also new states.
\The Group with its flagship retail chain of Lulu hypermarkets and supermarkets has operations spread over 22 countries.
Currently, Lulu Group operates 215 Lulu stores and 23 shopping malls across the GCC, Egypt, India, and the Far East.
