The LuLu Group, a merger of hypermarket and hotel chains, intends to invest over Rs 2500 crore in the construction of a new mall in Greater Noida, Uttar Pradesh. A land parcel in Greater Noida Sector 108 has been identified by the group, and pre-project administrative work is already in progress.According to the information from authorities, the LuLu mall will have outlets of more than 300 domestic and foreign brands, 15 multiplexes with Inox, a multi-cuisine food court with seating of 3000 people approximately. The complex will have a five-star hotel with the facility of multi-level car parking.The representatives of LuLu Group met with CEO of Greater Noida Industrial Development Authority Ritu Maheshwari in October last year. They requested a land block of about 50,000 square metres along the Noida-Greater Noida Expressway.The gigantic shopping complex is anticipated to be finished in at least three years after receiving final sanction from the Noida administration and the UP government.Along with the hypermarket, the LuLu Group also has a food court planned in Greater Noidas Ecotech-10. The groups overall project investment in Noida is estimated to reach close to Rs. 5000 crores.Last year, the Abu Dhabi-based company opened its first mall in Lucknow, Uttar Pradesh. In July 2022, Chief Minister Yogi Adityanath opened the massive mall on Amar Shaheed Path in Golf City. The mall has 22 lakh square feet in size and is estimated to have cost Rs 2000 crore.The UP government and the LuLu Group last year signed an agreement to build six malls and one hotel in the state. Rakesh Sachan, the states MSME minister, and the LuLu Group in Dubai signed a contract to build hotels and shopping centres.According to the MoU, LuLu will invest approximately Rs 5000 crore to build shopping malls and hypermarkets in Varanasi, Gorakhpur, Ayodhya, Kanpur, and Prayagraj in addition to Noida. Currently the group has hypermarkets in Kerala, Bengaluru and Lucknow.LuLu Group in Uttar Pradesh Global Investors SummitMany investors from partner countries attended the Global Investors Summit in Uttar Pradesh. And said that there has been a change in the mindset about investing here in UP. They said that the model of governance by Prime Minister Narendra Modi and Chief Minister Yogi Adityanath has driven the change.While announcing a 5000-crore investment in the state, MA Yusuff Ali, the head of the LuLu group based in the United Arab Emirates, said that there had previously been issues for investors. “There has been a significant change as a result of Prime Minister Narendra Modi eliminating several restrictions on NRI investment. NRI investments are now considered domestic investments. This is a significant improvement because NRIs and PIOs can now freely invest in India, he added.”The UAE ministers mentioned that, “This is just the beginning as many investors will now be coming to UP to invest, taking advantage of the investor-friendly atmosphere under Yogi government 2.0.”Elana Group will also invest 1 billion US dollars in UPAlong with the LuLu Group, the Elana Group also announced a USD 1 billion-dollar investment in the food production sector. Rakesh Sachan, the MSME minister for Uttar Pradesh, who had led a government mission to the UAE with the purpose of attracting investment to the state. He stated that the LuLu company had also agreed to allow the sale of goods created by women SHGs in its malls.
