LuLu Group International was founded in 2000 by Yusuff Ali MA, a UAE-based businessman who hails from Kerala.
An investment firm backed by a member of Abu Dhabi's royal family has acquired around 20 percent stake in LuLu Group International for over $1 billion, according to a Bloomberg report.
A company headed by Sheikh Tahnoon Bin Zayed Al Nahyan bought a holding in the company that runs one of the largest hypermarket chains in the Middle East, sources told the news agency.
Moneycontrol could not independently verify the story.
The Bloomberg report did not specify which company Sheikh Tahnoon has used for the investment, or if he has purchased the stake privately.
"We don't want to comment on market rumours," V Nandakumar, LuLu's chief communications officer told Bloomberg.
Sheikh Tahnoon is the chairman of Royal Group, which has invested in companies across sectors such as media, trade, financing and real estate. He is also the Chairman of First Abu Dhabi Bank PJSC, which is the UAE's largest lender.
Representatives for Royal Group have not yet responded to a request for comment.
LuLu Group International was founded in 2000 by Yusuff Ali MA, a UAE-based businessman who hails from Kerala in India. The company also operates the LuLu International Shopping Mall in Kochi.Time to show-off your poker skills and win Rs.25 lakhs with no investment. Register Now!
