New Delhi: UAE-based Lulu Group on Monday announced its investment plan worth Rs 10,000 crore in India regarding several ongoing projects, which will be rolled out over the period of three years.
The conglomerate is operating a chain of hypermarkets and it has invested more than Rs 20,000 crore in the Indian market thus far.
The Chairman and Managing Director of Lulu Group International MA Yusuff Ali told the news agency PTI that the aim is to provide employment to 50,000 people in India and so far, Lulu’s various enterprises have given over 22,000 jobs.
Adding further, Ali said that the company has pledged an investment of Rs 3,500 crore in Telangana within the next five years.
“We have got an investment of more than Rs 20,000 crore in different areas including shopping malls, hotels, and food processing units (in India). We will increase this,” he said.
”We have started the construction of a shopping mall in Ahmedabad. And also another one in Chennai we are coming up. A food processing plant is coming up in Noida and another one in Telangana. It is Rs 10,000 crore investments in the next three years,” Yusuff Ali said when asked about the overall investments on the upcoming projects.
Moving on, he talked about liberalised NRI investment by Prime Minister Narendra Modi, which has resulted in treating all investments made by non-resident Indians as domestic investments.
Ali further told that a 5 lakh sq ft Lulu Mall, which is in line to be built worth an investment of Rs 300 crore in Hyderabad, will be inaugurated in August. In addition to that, the State-of-the-art Destination Mall (2.2 million sq ft) will be coming up.
(Written by: Mahek Nigam
Edited by: Prateek Gautam)
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