UAE’s LuLu to build India’s largest shopping mall for $483m

Reuters/Amit Dave

The UAE retail conglomerate LuLu Group is to develop India’s largest shopping mall, in Ahmedabad, Gujarat, for an estimated cost of 40 billion rupees ($482.67 million).

The construction for the proposed shopping mall will start this year, Asian News International (ANI) news agency reported, quoting comments by Yusuff Ali MA, chairman and managing director of Lulu Group International, on the sidelines of the recently concluded Vibrant Gujarat Global Summit.

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• LuLu Group to invest $1.2bn in India by 2026

Even before the building of India’s largest shopping mall, LuLu has malls in six cities in the country: Kochi and Thiruvananthapuram, both in Kerala; Bengaluru, Karnataka; Lucknow, Uttar Pradesh; Coimbatore, Tamil Nadu; and Hyderabad, Telangana.

The company expects to launch an initial public offering (IPO) in the first half of 2024, Yusuff Ali said in September 2023.

The IPO will be launched in the Gulf but no specific stock exchange has been decided, he said.

LuLu, founded by Ali, an Indian billionaire, in the early 1990s, has an annual revenue of about $8 billion and employs more than 65,000 people in 23 countries across the Middle East, Asia, the US and Europe.