The environment of investing in India has changed, says hypermarket man Yusuff Ali MA

An Indian-origin entrepreneur who started the first Lulu Hypermarket in the 1990’s in UAE, Ali hails originally from Kerala and today owns 132 shopping malls globally and employs 40,000 people.

Yusuff Ali MA

Well-known as the hypermarket man- Yusuff Ali MA heaped praise on the business acumen of Gujarat and spoke of his ‘emotional attachment’ with Ahmedabad where he spend 4 of his early years ‘to learn business’ as per his father’s wishes. “I learnt business from Gujarat and lived here between 19070-74 with my uncle who had a store here in Teen Darwaza area of old Ahmedabad. Yesterday at the Global CEO Summit the PM asked me whether I had visited the place where I lived and I shared my experience of going to Teen Darwaza and having a Falooda at Gandhi hotel and reliving my old days. While I grew in the UAE I learnt business from Gujarat,” Ali averred at a panel session at UAE country seminar at Vibrant Gujarat 2017 on Wednesday at Mahatma Mandir in Gandhinagar.

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An Indian-origin entrepreneur who started the first Lulu Hypermarket in the 1990’s in UAE, Ali hails originally from Kerala and today owns 132 shopping malls globally and employs 40,000 people.

Earlier at the summit where he attended the Global CEO Conclave where dignitaries and CEO’s met with PM Modi- Ali had announced the Lulu Group which he heads has plans to invest Rs 10,000 crore to Rs 12,000 crores in India and said that the group plans to start a shopping mall, a hotel and a mini convention and exhibition centre aimed at attracting more tourists to the Gujarat.

The business tycoon who spoke to the paper on the sidelines of the UAE country seminar at 8th Vibrant Gujarat Global Summit 2017 in Gandhinagar on Wednesday shared his plans of launching shopping malls in Trivandum, Ahmedabad and Lucknow in India and said that he will be looking at 2 Tier cities for future investment.

“The environment of investing in India has changed. One of the first changes the new government under Modi have made is to remove restrictions on NRI or OCI card holders investing into India. Now NRI investment will be treated as domestic investment,“ Ali said at the panel.

Underlining the importance addressing the growing problem of food scarcity globally by supporting farmers and through food processing- Ali said “I am also in the food business and logistics parks and am looking to flag off a fruit and vegetable processing plant in Hyderabad soon. I will construct a shopping mall of international standards in Ahmedabad- a hypermarket and have plans to start a fruit and vegetables processing logistics center here in Gujarat. Since I learnt business here I feel it is imperative for me to give something back to the state.”