State signs pact with Lulu Group for setting up shopping malls

The State government on Monday signed an agreement with Lulu Group International, Abu Dhabi, for setting up four shopping malls, hypermarkets, and agri-processing units in the State, with an investment of ₹2,000 crore.

The proposed investment would generate 10,000 jobs and investment would start coming to the State from this fiscal year (2022-23).

Industries Department Additional Chief Secretary E.V. Ramana Reddy and Lulu Group International Director A.V. Ananth Ram signed the pact in the presence of Chief Minister Basavaraj Bommai and Industries Minister Murgesh Nirani are attending the World Economic Forum summit in Davos, Switzerland.

The State government will facilitate the group to obtain necessary permissions/clearances/approvals from the departments concerned with incentives as per prevailing rules/regulations/policies in the state to set up shopping malls and hypermarkets, the agreement said.

The Lulu Group had already set up a mega shopping mall on Magadi Road in Bengaluru.

Other business meetings

Mr. Bommai also met Hero Group CEO Pawan Munjal and discussed investment opportunities in the State. He also met Siemens Healthineers CEO Bernd Montag and discussed investment potential in the health sector.

Earlier in the day, Mr. Bommai held a round-table discussion with Jaggi Vasudev of Isha Foundation and discussed issues related to environment and climate change.

The Chief Minister’s presence at the World Economic Forum summit gains significance in the light of the State government holding a three-day Global Investor Meet (GIM) called “Invest Karnataka 2022” in Bengaluru from November 2, 2022.

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Printable version | Jun 20, 2022 8:23:40 pm | https://www.thehindu.com/news/national/karnataka/state-signs-pact-with-lulu-group-for-setting-up-shopping-malls/article65453575.ece