UAE’s Lulu Group International has tied up with the northern India State of Punjab and will set up a sprawling logistics and food processing centre over a 20-acre land in the city of Amritsar.
Speaking to Indian media, Lulu Group director Salim MA said construction for the project will begin soon, and once complete, it will have a capacity of 200,000 metric tons.
The State of Punjab is known for its agricultural capabilities because of fertile land and advanced technologies used by the farmers.
“The city will now be a part of our sourcing of local products which will greatly help SMEs, local farmers, agricultural cooperatives and farmers’ producer organisation,” Salim told Moneycontrol.com.
Speaking to the local newspaper The Tribune, Salim added: “Our group also intends to have a logistics and food processing centre in Amritsar for the storage, processing, grading, and packing of various local agriculture and other produce.
“I am sure that in addition to supporting the local agricultural community and SMEs to have a dedicated market for their produce at better revenue, this will also create significant job opportunities in the state.”
LuLu’s global expansion
Founded by Yusuffali MA in the UAE and headquartered in Abu Dhabi, LuLu Group has grown over the years and now has an annual turnover worth $8 billion (as per the group website). It has a presence in 25 countries with over 260 stores and employs over 70,000 people and is known for its chain of hypermarkets and food processing centres across the Middle East, Far East and Africa.
In India, the group has logistics and procurement centres in 15 states from where it annually exports INR10,000 crore worth (appx $120 million) of over 45,000 MT of agriculture and other products.
Earlier this year, Bloomberg reported that the Lulu Group was planning its Initial Public Offering in the second half of 2024 that could raise at least $1 billion. The report said the Group is considering a dual listing in Riyadh and Abu Dhabi.
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