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Lulu acquires under-development mall in Bengaluru, plans another in Chennai

Lulu Group had earlier announced building malls in Lucknow, Vishakapatanam and Thiruvananthapuram

Thursday March 28, 2019 12:06 PM, ummid.com News Network

Lulu Mall in Kochi

Dubai: After building South India's largest mall in Kochi, UAE based Lulu Group has acquired an under-development mall in Bengaluru and is planning to build a new one in Chennai as part of its expansion plan in India.

Lulu Group had earlier announced building malls in three other cities of the country including Lucknow, Vishakapatanam and Thiruvananthapuram.

“We have acquired an ongoing mall development In Bengaluru and will build our own in Chennai. Mall projects give us the best platform to keep expanding our India portfolio", Yousuf Ali, Chairman and Managing Director of Lulu Group told Gulf News.

"There’s so much still to do in India’s retail space", he added.

The Bengaluru and Chennai projects are expected to be operational by end of this year.

Lulu Group has more than 160 Retail Stores in over 20 countries, including Lulu Hypermarket chain worldwide and LuLu International Shopping Mal,l with an annual turnover of $7.4 billion. The group employs about 1,104,000 people.

Lulu Group MD MA Yousuf Ali, a Padma Shri winner, hails from Nattika in Kerala's Thrissur district. He is among five Indian expats in UAE who have been named in the Forbes' billionaires list for 2019. Yousuf Ali, who ranks at 394 on the list, is the richest Indian expat in UAE with assets estimated over USD 4.7 billion.

Lulu Group is also close to unveil the ‘Grand Scotland Yard Hotel’, a seven-storey luxury property built at the site once home to Britain’s famed Metropolitan Police Service. The heritage property, located in Whitehall in central London, was bought by LuLu Group in 2015 from developer Galliard Homes for an astonishing sum of 110 million pounds.

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