UAE-based retail conglomerate LuLu Group is set to invest an additional $1.2 billion (Rs 100 billion) in India on various ongoing projects over the next three years, as announced by the Group’s chairman, Yusuff Ali MA.
The projects seek to provide employment to 50,000 people in India. So far, his various enterprises have resulted in more than 22,000 jobs.
Mr Ali MA said: “We have got an investment of more than Rs 200 billion in different areas including shopping malls, hotels, and food processing units in India. We will increase this.
“We have started the construction of shopping malls in Ahmedabad and Chennai. A food processing plant is coming up in Noida, in Uttar Pradesh and another one in Telangana. It is Rs 100 billion investments in the next three years.”
The conglomerate has already made an estimated Rs 200 billion in several projects in the country.
Lulu Group has committed around Rs 35 billion in investments in the southern Indian state of Telangana in the next five years in various projects, including a Destination Shopping Mall, according to PTI’s report.
The Lulu’s new 500,000 square feet Mall, built with an investment of Rs three billion in Hyderabad, is scheduled to be inaugurated in August, while an export-oriented modern integrated meat processing plant and the Destination Mall are in the pipeline.
