Lulu Group plans to invest Rs 10,000 crore in India over next three years

UAE based Lulu Group on Monday said that they will be investing Rs 10,000 crore in India on various ongoing projects over the next three years.

Lulu Group has already invested over Rs 20,000 crore in the India.

Chairman of Lulu Group MA Yusuff Ali told PTI that his aim is to provide employment to 50,000 people in India and so far, his various enterprises has given over 22,000 jobs.

He added that his company has committed an investment of Rs 3,500 crore in Telangana in a period of 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," said Yusuff Ali, when asked about the overall investments on the upcoming projects.

Additionally, he mentioned that Prime Minister Narendra Modi has implemented liberalised NRI investment regulations, which treat all investments made by non-resident Indians as domestic investments.

Furthermore, he announced that a brand new Lulu Mall in Hyderabad, spanning five lakh square feet and constructed with a total investment of Rs 300 crore, is scheduled to be inaugurated in August, 2023. Moreover, there are plans to establish an export-oriented modern integrated meat processing plant and a state-of-the-art Destination Mall, covering an area of 2.2 million square feet.

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