The NRI businessman and managing director of the Abu Dhabi-based EMKE Group, has picked up 4.98 per cent share in the Kerala-based Federal Bank.
The value of the stake is roughly Rs 400 crore and Yusuff Ali will now be the largest individual shareholder, sources said.
Yusuff Ali is one of the richest NRIs, with extensive business operations in West Asia. EMKE Group runs the LuLu Hypermart chain that has branches in the Gulf and many Asian and African countries. A few months ago, Yusuff Ali had acquired 4.99 per cent shares in another Kerala-based private bank, the Catholic Syrian Bank.
Banking sources said that at a time when India is facing a tough current account deficit situation, Yusuff Ali’s investment was a very welcome step. In the recent past, Ali’s LuLu International Group has made heavy investments in India, including the Rs 1,500-crore LuLu Mall at Kochi, which said to be the largest mall in southern India. The group is also building an international convention centre at Kochi and is planning malls in some major cities.
Source: Business Line