Davos [Switzerland], May 23 (ANI): Lulu Group, the largest retailer in the Middle East, on Monday signed a memorandum of understanding (MoU) to invest Rs 2,000 crore in setting up four shopping malls and hypermarkets and food processing units for agricultural exports in Karnataka.
Karnataka's Additional Chief Secretary (Industries) EV Ramana Reddy and Lulu Group director AV Ananth signed the agreement on the sidelines of the World Economic Forum at Davos.
The agreement was signed in the presence of Karnataka Chief Minister Basavaraj Bommai and Lulu Group Chairman MA Yusuff Ali.
The Lulu Group has come forward to invest Rs 2,000 crore in Karnataka. The company intends to open four shopping malls and hypermarkets. It is also keen to establish export-oriented food units in the state. The projects are expected to create employment opportunities for 10,000 persons, according to an official statement released by the Karnataka government. (ANI)