The Lulu Group, a prominent retail conglomerate based in the United Arab Emirates (UAE), has announced plans to invest $122 million (₹10,000 crore) in India over the next three years in various projects that are currently underway.
This commitment builds upon the group’s previous investments in India, which amount to over $244 million (₹20,000 crore), according to Yusuff Ali M.A., chairman of Lulu Group, who spoke in Hyderabad on Monday.
Yusuff Ali said his group’s ventures will generate employment for 50,000 individuals in India. To date, the group has already provided employment opportunities to more than 22,000 people in the country, he said.
A significant portion of the investment, $42.7 million (₹3,500 crore), is earmarked for the state of Telangana over the next five years. The allocation will be channeled into diverse projects, including a Destination Shopping Mall in Hyderabad, which alone is valued at $36.6 million (₹3,000 crore). Investments are also slated for other cities within the state.
“Our investments exceeding $244 million (₹20,000 crore) span diverse sectors such as shopping malls, hotels, and food processing units in India, and we are committed to expanding this portfolio,” Yusuff Ali said.
Regarding specific upcoming ventures, Yusuff Ali said, “We have initiated the construction of a shopping mall in Ahmedabad, and another is in the pipeline in Chennai. Additionally, a food processing plant is being established in Noida, along with another in Telangana, collectively accounting for investments totaling $122 million (₹10,000 crore) over the next three years.”
Yusuff Ali also mentioned the Centre’s recent move to liberalize non-resident Indian (NRI) investment laws, which classifies all investments made by NRIs as domestic investments, encouraging further investment in the country.
Lulu Group’s investment in Hyderabad includes a Lulu Mall, spanning 500,000 sq. ft., built with an investment of $3.66 million (₹300 crore), and set to open its doors in August. Moreover, an export-focused, contemporary integrated meat processing facility, along with a state-of-the-art Destination Mall covering 2.2 million sq. ft., are in the development pipeline.
K.T. Rama Rao, Telangana’s minister for IT and industries, said these investments in the food processing and retail sectors would significantly contribute to the state’s economic growth.
The plans to set up a fish processing plant and a meat processing unit, and procure rice from Telangana will support the growth and development of the respective sectors while contributing to the state’s overall progress, the state industries ministry tweeted.
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