LuLu Group International: The UAE-based retail and hospitality enterprise has made plans to invest Rs. 10000 crore in India in arenas of hypermarkets, destination shopping malls, logistic facilities and food processing units. LuLu Group International Chairman and Managing Director Yusuff Ali met with Telangana Municipal Administration Minister K.T. Rama Rao in Telangana and senior state officials in Hyderabad. The group seeks to invest ₹3,500 crore in Telangana in shopping malls and food processing units.
“Each of the destination malls has a space of over 2 million square feet and would require an investment of ₹2,500 crore,” Lulu Group Chairman and Managing Director Yusuff Ali MA said.
Ali stated that Center’s scheme to incentivize investments made by NRIs has allowed gradul flow of capital. Plans for destination mall in Hydrebad was also announced by group Chairman “We have shortlisted three land parcels in Hyderabad to set up the destination mall. We are going to finalise the location in the next three months. It would take 18-24 months to construct the mall and make it operational.”
“I am impressed with Telangana’s achievements”
Aside for shopping malls. plans for export oriented agro-based processing plants and logistics hub are already in place for which land has already been allocated by the government.
“I am impressed with Telangana’s achievements. We have a state of the art fish processing plant at Kochi. A similar plant will be set up in Telangana. The moment the Telangana government allocates land, we will start the work immediately.” Ali stated after K.T Rama Rao detailed Telangana’s achievements in agricultural and poultry produce. An integrated meat processing plant with 60 tonnes production capacity per day would also be established at Chengicherla. The investment for plant would be around 200 crore rupees and would start its operations in the next 18 months.
The group has a network of 250 hypermarkets across the world and the plant would significantly boast its operations.
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Lulu group’s MoU with Telangana government
Last year, LuLu Group had signed a Memorandum of Understanding(MoU) with the Telangana government at the World Economic Forum. Under this initiative 5 lakh square feet Lulu Mall would be inaugurated by the first week of September. The 300 crore rupees project would provide employment to
Last year, LuLu Group had signed a Memorandum of Understanding(MoU) with the Telangana government at the World Economic Forum. Under this initiative 5 lakh square feet Lulu Mall would be inaugurated by the first week of September. The 300 crore rupees project would provide employment to 2000 people.
Praising KT Rama Rao’s work ethic, Ali said “I am impressed with Industries Minister KT Rama Rao’s commitment towards getting investments into Telangana. I have personally seen him holding meetings with investors from 7.30 am to 12.30 pm at Davos.”
The group has already invested 20, 000 crore rupees in India with future plans to generate 50,000 jobs in the country.
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