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KOCHI: An Abu Dhabi investment firm, led by the ruling family’s Sheikh Tahnoon Bin Zayed Al Nahyan, invested nearly $ 1 billion (Rs 7.6 billion rupees) in LuLu Group International, the LuLu hypermarket holding company, according to a source with import knowledge.
Sheikh Al Nahyan is the son of the UAE’s founder, Sheikh Zayed bin Sultan Al Nahyan, and is currently serving as the country’s national security adviser.
“This is the first time that someone is investing in the LuLu Group and is selecting approximately 20% of the company’s shares, excluding Indian operations,” the person told TOI. The group operates 188 hypermarkets and supermarkets in the Middle East, India and the Far East. Regarded as the largest employer of Indians outside of India, the retailer has more than 30,000 Indians on its payroll.
Lulu Group was founded by Indian businessman M A Yusuffali, who hails from Thrissur, Kerala. In addition to shopping malls, Ali also owns premium hotels throughout the Middle East and Europe. In 2019, the company had a turnover of $ 7.4 billion and had an average daily footprint of over 16 lakh.
When contacted, V Nandakumar, a spokesman for the group, declined to comment on the deal.
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Sheikh Al Nahyan is the son of the UAE’s founder, Sheikh Zayed bin Sultan Al Nahyan, and is currently serving as the country’s national security adviser.
“This is the first time that someone is investing in the LuLu Group and is selecting approximately 20% of the company’s shares, excluding Indian operations,” the person told TOI. The group operates 188 hypermarkets and supermarkets in the Middle East, India and the Far East. Regarded as the largest employer of Indians outside of India, the retailer has more than 30,000 Indians on its payroll.
Lulu Group was founded by Indian businessman M A Yusuffali, who hails from Thrissur, Kerala. In addition to shopping malls, Ali also owns premium hotels throughout the Middle East and Europe. In 2019, the company had a turnover of $ 7.4 billion and had an average daily footprint of over 16 lakh.
When contacted, V Nandakumar, a spokesman for the group, declined to comment on the deal.
