UAE-based hypermarket operator Lulu Group has announced plans to invest Rs50bn ($751m) in India over the next four years.
It intends to open shopping malls across major cities by 2020.
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Among the cities that the firm has shortlisted include Chennai, Thiruvananthpuram, Bengaluru and Hyderabad, reported Press Trust of India.
The group also plans to open additional 12 hypermarkets in Saudi Arabia with an investment of Rs20.7bn ($311m). It currently has 14 supermarkets in the country.
Lulu Group managing director Yusuff Ali MA was quoted by PTI as saying: "The business environment in India has improved significantly. A lot of restrictions are moved to facilitate investment.
"The best thing the new government has done to treat all NRI investment as domestic investment."
The company’s annual turnover is approximately $5.5bn.
Lulu Group currently has 124 shopping malls in 30 countries, and employs around 35,000 people.
Image: UAE-based Lulu Group to invest Rs50bn in India. Photo: courtesy of Lulu Group International.
