Business News | Lulu Group to Invest Rs 2,000 Crore in Setting Up Malls, Food Processing Units in Karnataka

Davos [Switzerland], May 23 (ANI): Lulu Group, the largest retailer in the Middle East, on Monday signed a memorandum of understanding (MoU) to invest Rs 2,000 crore in setting up four shopping malls and hypermarkets and food processing units for agricultural exports in Karnataka.

Karnataka's Additional Chief Secretary (Industries) EV Ramana Reddy and Lulu Group director AV Ananth signed the agreement on the sidelines of the World Economic Forum at Davos.

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The agreement was signed in the presence of Karnataka Chief Minister Basavaraj Bommai and Lulu Group Chairman MA Yusuff Ali.

The Lulu Group has come forward to invest Rs 2,000 crore in Karnataka. The company intends to open four shopping malls and hypermarkets. It is also keen to establish export-oriented food units in the state. The projects are expected to create employment opportunities for 10,000 persons, according to an official statement released by the Karnataka government. (ANI)

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(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)