In a big thrust for the development of Jammu & Kashmir, the Lieutenant Governor Manoj Sinha today laid the foundation stone for the Mall of Srinagar, being developed by Dubai based EMAAR. Middle East retail major Lulu Hypermarket will be the anchor tenant of this ambitious project.
An MoU to this effect was was signed by Rejith Radhakrishnan, Chief Operation Officer of Lulu India and Amit Jain, Group CEO of EMAAR on the side lines of groundbreaking ceremony of Mall of Srinagar at Sempora in Srinagar. The Rs 250-crore project will be built on 1 million square feet of area and be ready by 2026.
As per the MOU, LuLu Group will be setting up its first hypermarket in J&K at the Mall of Srinagar with an approx. size of 100,000 sq. feet. and will employ about 1,500 youth from the state directly for its operations after necessary training and development.
The occasion was also graced by Aman Puri, Consul General of India in Dubai, Maj. Gen. Sharafuddin Sharaf, Chairman of UAE India Business Council & Vice Chairman of Sharaf Group, Arun Kumar Mehta, Chief Secretary, J&K Government and other dignitaries.
“We are excited to enter J&K retail sector with this most modern hypermarket in this unique mall, which is being developed by Emaar Properties” said Yusuffali MA, Chairman of Lulu Group. “I am sure this project will not only boost the economic and tourism activities in the state but also give considerable employment opportunities to the local youth and support the farming sector immensely”, he added.
During the UAE visit by Lt. Gov Sinha last year Lulu Group had signed an MOU with J&K govt. to set up a “food processing and logistics hub” as part of their investments plans for Jammu & Kashmir to the tune of Rs. 200 cr. in the first phase.
“Currently, the LuLu Group is exporting apples, saffron and dry fruits from the state to Middle East, worth Rs. 80 crores and we expect this to go up in near future”, said Rejith Radhakrishnan
Lulu Group currently runs 248 Hypermarkets and Supermarkets across GCC countries, Egypt, Far East and India employing more than 65,000 people from various countries