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UAE retailer LuLu Group is investing USD 483 mn (AED 1.77 bn) to build India’s “biggest shopping mall” in the western city of Ahmedabad, LuLu Chairman Yusuff Ali told Asian News International on the sidelines of the Vibrant Gujarat Global Summit in India. The mall’s construction is scheduled to start later this year, according to Ali.
One of seven LuLu malls in India: LuLu currently runs six other malls in the cities of Kochi, Thiruvananthapuram, Bengaluru, Lucknow, Coimbatore, and Hyderabad — the last of which is set to open at the end of January.
Another one coming? Ali had also announced plans to build another large mall in Chennai last September.
OTHER INVESTMENT NEWS-
Edge to invest in expanding Siatt’s Sao Paolo base: Abu Dhabi-based defense conglomerate Edge group, which holds a 50% stake in Brazilian arms company Siatt, will help expand Siatt’s headquarters in Sao Paolo and boost its workforce over the next two years, according to an Edge press release. The agreement came during an Edge delegation’s visit to Sao Paolo. The press release did not clarify the value of the investments Edge will make in the expansion.
The details: Edge will help Siatt expand its headquarters to a 7k square meter base São José dos Campos city, located in the State of São Paulo, up from the current 1k sqm base. The HQ will help accommodate more offices, labs and production facilities, the statement said.
Edge will also help the company double its workforce to 200 qualified full-time employees, with plans to create over 600 new indirect positions with partners and suppliers in high-tech.
ICYMI- Edge Group acquired the controlling stake in Siatt in September last year, building on an agreement between Edge and the Brazilian navy for advanced long-range anti-ship missile technology.
