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FINANCIAL NEWS
UAE’s Lulu Group invests USD82m investment in East India Co
10 Oct 2014
(MENAFN) Lulu Group, the United Arab Emirates-based supermarket chain, announced it has bought a 10 percent stake in The East India Company, the UK-based trading firm, in addition to a 40 percent stake in its fine foods subsidiary, in a deal worth around USD82 million, Arabian Business reported.
The new investment will enable the fine foods unit to expand its store network in Europe, the Far East as well as help it to prepare for a launch in the United States.
The East India Company Fine Foods is known for selling luxury foods including tea and chocolate and has four stores in the UK and three in the Middle East, as well as being a distributer through retailers in 16 countries.
Lulu Group joins Mahindra Group as an investor in The East India Company, which first bought into the firm in 2010 and made a further investment in 2013.
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