Lulu Group to invest Rs 2,500 crore in Telangana

The Abu Dhabi-based Lulu Group has announced an investment of Rs 2,500 crore in Telangana in the next one year.

“M.A. Yusuf Ali, the chairman of Lulu gave this information when a delegation from Telangana government represented by the minister for IT, Mr K.T. Rama Rao and commissioner of industries Jayesh Ranjan, called on him. The Lulu Group is the largest retail chain in the Middle-East having over 100 hypermarkets and has a turnover of over $5 billion. Mr Ali is considered to be the wealthiest person of Indian origin in the Gulf area. The Lulu group wishes to invest in three projects in Telangana, a fruit and vegetable processing unit, an integrated meat processing unit; and a modern shopping mall in Hyderabad,” as per a statement from the state government.

A team from Lulu will visit Hyderabad in the first half of January 2015 with detailed project reports and seek assistance from the government in identifying suitable lands for the three projects along with help in obtaining various approvals.

Source: Deccan Chronicle

Leave a Reply

Your email address will not be published. Required fields are marked *