An Abu-Dhabi based investment firm has agreed to buy a stake over $1 billion (3.67 billion dirhams) in LuLu Group International, which runs hypermarket chains, Bloomberg has reported.

Citing people familiar with the matter, Bloomberg reported that the company led by Sheikh Tahnoon Bin Zayed Al Nahyan acuqired an almost 20 percent holding in the Abu Dhabi-based supermarket group founded by Indian entrepreneur Yousuf Ali.

“We don’t want to comment on market rumours. An official statement will be issued if at all there are any updates,” Bloomberg quoted V. Nandakumar, Lulu’s chief communications officer as saying.

The group also operates shopping malls and is into hospitality and real estate business. It has a turnover of $7.4 billion and employs more than 50,000 people, according to its website.

(Writing by Seban Scaria seban.scaria@refinitiv.com; editing by Mily Chakrabarty)

#INVESTMENT #LULU #UAE #HYPERMARKET

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