Lulu Group International has announced a major investment in Telangana. The company would invest Rs. 3,500 crores in the food processing sector. The company made this announcement at an event marking the commencement of their operations in Telangana. Also, the first Lulu Mall and Lulu Hypermarket in Hyderabad is getting ready for inauguration in August.
Welcoming the decision, Minister KTR thanked Yusuff Ali, the Chairman and MD of Lulu Group, for committing to invest Rs. 3,500 crore in Telangana. These investments will be in the food processing and retail sectors. In addition, the company has announced its plans to invest in agriculture and allied sectors after learning about the five revolutions ushered in Telangana.
This significant investment in the food processing, export, and retail sectors is the result of fruitful discussions and the signing of a Memorandum of Understanding (MoU) between the Lulu group and the Telangana government during the Minister KTR’s visit to the World Economic Forum (WEF) in Davos last year.
With an investment of Rs. 300 crore, 5 lakh. sq. feet mall earlier known as Manjeera Mall re-branded as Lulu Mall will offer international shopping experience to the people of Hyderabad and its surrounding areas. The mall will host a mega Lulu Hypermarket, more than 75 plus local and international brands, 5 screen cinema with a seating capacity of 1,400, multi cuisine food court, and children’s entertainment center etc. The mall located at Kukatpally will generate employment for more than 2,000 personnel.
The new investments of Rs. 3,500 crores in Telangana includes a destination shopping mall in Hyderabad with the investment of Rs 2,000 Crores and mini malls on the outskirts of Hyderabad and other major cities and towns in the state with an investment outlay of Rs 1,000 crores.
Lulu group is also planning for an agriculture sourcing and logistics hub near the Hyderabad Airport for facilitating exports & promotion of local Telangana produce across India and the world. Other plans include a seafood procurement and processing center to support the fishing industry.
Additionally, Rs. 200 crores will be spent on an export-oriented modern integrated meat processing plant at Chengicherla with a production capacity of 60 tonnes per day. The project will generate employment for more than 2,500 personnel and the commercial operations are expected to start at the facility in the next 18 months.
Lulu Group’s investment in Telangana will play a vital role in supporting and promoting the local agricultural and trade sectors, and create more job opportunities for Telangana’s youth.