The Lulu Group, the largest retail business group in West Asia, has declined to comment on media reports that Public Investment Fund (PIF) — Saudi Arabia’s sovereign fund — is in talks to buy a minority stake in the ₹55,800-crore company.
V Nandakumar, Director of Marketing & Communications, Lulu Group, said that as a policy, the group never comments on market speculations and media rumours. “We always use our official communication channels to inform the media whenever there is any corporate update,” he said.
Recently, Abu Dhabi government-owned investment company ADQ had invested ₹8,000 crore in the Lulu Group businesses except its India and Qatar operations. This money is being used to expand the Lulu businesses in new markets of Jordan, Iraq and Morocco.
These investments show the confidence the ruling families in Saudi Arabia and the Emirates as well as big investment funds have on the strength of the Lulu Group and its Chairman MA Yusuffali who belongs to Kerala, Nandakumar said.
The Lulu Group operates shopping centres, hypermarkets and hospitality businesses around the world and employs more than 55,000 employees across its 194 Hypermarkets with daily operations in 22 countries, serving more than 1.6 million customers.
Apart from retail, it has business interests in food processing, hospitality (Grand Hyatt and Marriott in India, Sheraton in Oman, and Great Scotland Yard in London, among others) as well as a presence in online shopping.