UAE’s Lulu Group International has partnered with the northern Indian state of Punjab to establish a vast logistics and food processing centre on a 20-acre site in Amritsar.
Lulu Group director Salim MA informed Indian media that construction will commence shortly. Upon completion, the centre will have a capacity of 200,000 metric tons.
Punjab is renowned for its agricultural prowess due to its fertile soil and the advanced technologies utilised by its farmers.
“The city will now be integral to our sourcing of local products, significantly benefiting SMEs, local farmers, agricultural cooperatives, and farmers’ producer organisations,” Salim told Moneycontrol.com.
In an interview with The Tribune, Salim further mentioned: “Our group also plans to establish a logistics and food processing centre in Amritsar for the storage, processing, grading, and packaging of various local agricultural and other products.”
“I am confident that besides supporting the local agricultural community and SMEs by providing a dedicated market for their produce at better prices, this initiative will also create numerous job opportunities in the state.”
LuLu’s global expansion
Founded by Yusuffali MA in the UAE and headquartered in Abu Dhabi, LuLu Group has significantly expanded over the years, now boasting an annual turnover of $8 billion (according to the group’s website). It operates in 25 countries with over 260 stores, employs over 70,000 people, and is well-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 which it exports agricultural and other products worth INR 10,000 crore (approximately $120M) annually, amounting to over 45,000 MT.
Earlier this year, Bloomberg reported that Lulu Group is planning an Initial Public Offering in the latter half of 2024, potentially raising at least $1B. The report indicated that the Group is considering a dual listing in Riyadh and Abu Dhabi.
