The Jammu and Kashmir government signed a memorandum of understanding (MoU) with Abu Dhabi-based LuLu Group to set up a food processing and logistics hub in Srinagar.

The MoU was signed in the presence of Lt-Governor of Jammu and Kashmir Manoj Sinha and LuLu Group Chairman MA Yusuff Ali.

In an earlier interview with Khaleej Times, Yusuff Ali had said LuLu Group will open 17 more hypermarkets in 2022, as well as invest Dh1 billion to further develop its e-commerce and logistics facilities to be among the top three e-commerce players in the Gulf region.

LuLu group has already launched online shopping in India and Malaysia and will further boost its presence in these markets.

The retail major has a presence across 10 countries with 217 hypermarkets.