Kochi: Middle East-based Indian business tycoon M A Yusuffali's Lulu Group Monday said it is in final stages of starting operations in Malaysia with the 1st hypermarket slated to open in February next year in Kuala Lumpur.
Yusuffali elaborated the group's plan during the official luncheon hosted by the Malaysian Prime Minister Najib Abdul Razak in honour of Prime Minister Narendra Modi in Kuala Lumpur today, the company said in a statement.
"We plan to initially invest RM 1.3 billion ($300 million) in rolling out 10 hypermarkets in the next 2 years and gradually expand to all parts of Malaysia," Yusuffali, Chairman and Managing Director of Lulu Group, was quoted as saying in the statement.
Lulu currently operates 118 Hypermarkets and Shopping Malls in the Middle East and India.
"Our hypermarkets encompass both supermarket and department store formats and we intend to bring a whole new world of shopping to the residents of Malaysia," he said.
Globally, Lullu Group employs more than 35,000 people from different nations and its projects in Malaysia will provide 5,000 jobs to Malaysians.
"To better equip Malaysian citizens employed by us, we will train them in all our Hypermarkets here and will also take them to our other outlets in the Middle East" Yusuffali said.
During the Malaysian Prime Minister's visit to UAE last year, the premier had personally visited Lulu Hypermarket in Abu Dhabi and had shown much appreciation for store quality, product range and especially the various Malaysian products being sold there, the statement added.