Amazon has invested INR 700 crore in Amazon Pay on the eve of festive season

Business
Oct 10 2020 02:33 PM
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Amazon has invested INR 700 crore in Amazon Pay on the eve of festive season

The Saudi Arabian government under the Public Investment Fund (PIF) is planning to invest in the Lulu Group International owned by Kerala based NRI businessman M A Yusuf Ali. This investment marks a historical achievement as Abu Dhabi government's holding company ADQ invested in Lulu Group a month ago.

The PIF is monitored by Saudi Crown Prince Mohammed bin Salman possess a total fund of 36,000 crore Dollars, an approximate amount Rs 26 lakh crore. PIF is one of the largest sovereign (Government owned) wealth funds in the world. Mukesh Ambani also is trying to get PIF funding for his Reliance Industries RRVL venture as a part of its fund gaining movement. There is no clarification about PIF investment in LuLu, no information about shares or amount is revealed. Lulu Group Director of Marketing and Communications V Nandakumar told that they cannot respond on the basis of mere assumptions. Abu Dhabi government's company ADQ had invested Rs 8000 crore (110 crore Dollars) in Lulu Group a month ago. The funds collected by ADQ will be used to set up many hypermarkets in Jordan, Morocco and Iraq. ADQ is chaired by Sheikh Tahnoun bin Zayed, the national security advisor and brother of Abu Dhabi Crown Prince Sheikh Muhammed bin Zayed. LuLu seems to be involved in fund raising as more companies from the GULF region will announce their investment once the ongoing discussions are over. The inflow of funds proves that Lulu Group and Yusuff Ali have earned trust of the royal families in Gulf countries.
Lulu Group owns 194 hypermarkets in 9 countries and 15 logistics centers in 15 countries. The Group also owns many large scale shopping malls and hotels. The annual turnover is around Rs 55,800 crore providing job to 58,000 persons of which 30,000 are Keralites.