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Meet billionaire with Rs 58950 crore net worth, whose company is set to build India's 'biggest' mall in...

The mall will be built with an estimated cost of Rs 4,000 crore.

Prashant Tamta

Updated : Jan 10, 2024, 10:09 PM IST | Edited by : Prashant Tamta

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UAE-based Indian billionaire businessman Yusuff Ali MA has announced that his LuLu Group will construct a mall in Ahmedabad. The firm termed it as India's biggest shopping mall. It will be built with an estimated cost of Rs 4,000 crore. The construction for the proposed shopping mall will start in 2024, said Yusuff Ali, the Chairman and Managing Director of Lulu Group International. He announced the news while talking to ANI on the sidelines of the ongoing Vibrant Gujarat Global Summit on Wednesday.

Who is Yusuff Ali MA?

He is the Middle East retail king who presides over USD 8.4 billion (revenue) LuLu Group International. He hails from a village in Kerala. His full name is Yusuff Ali Musaliam Veettil Abdul Kader. The 68-year-old left for Abu Dhabi in 1973 to join his uncle's small distribution business. He has a real-time net worth of Rs 58950 crore net worth, as per Forbes. He holds a diploma in Business Management and Administration. He opened his first LuLu hypermarket in the 1990s.

Currently, LuLu Group has malls in six Indian cities -- Kochi, Thiruvananthapuram, Bengaluru, Lucknow, Coimbatore, and Hyderabad being the latest. The group is headquartered in Abu Dhabi, UAE and has been known as a trendsetter in the retail industry in the Middle East and North Africa region. It operates over 250 hypermarkets and supermarkets.

READ | Rich Indians spend Rs 7200 crore in just 3 days on...

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