Published Jun 26, 2023 | 2:33 PM ⚊ Updated Jun 26, 2023 | 2:33 PM
Lulu Chairman Yusuff Ali MA. (Yusuffali MA/ Twitter)
UAE-based Lulu Group will be investing ₹10,000 crore in India on various ongoing projects over the next three years. The UAE-based conglomerate has invested over ₹20,000 crore in the country, Lulu Chairman Yusuff Ali MA said in Hyderabad on Monday, 26 June.
He also said he aims to employ 50,000 people in India, and so far his various enterprises have given over 22,000 jobs.
Yusuff Ali also said the Lulu Group has committed about ₹3,500 crore in investments in Telangana in the next five years in various projects, including a Destination Shopping Mall (₹3,000 crore) in Hyderabad and also in other cities in the state.
“We have got an investment of more than ₹20,000 crore in different areas including shopping malls, hotels, and food processing units (in India), and we will increase this,” he said.
“We have started the construction of a shopping mall in Ahmedabad. And also another one in Chennai is coming up. A food processing plant is coming up in Noida, and another is in Telangana. It is ₹10,000 crore investments in the next three years,” Yusuff Ali said when asked about the overall investments on the upcoming projects.
He further said Prime Minister Narendra Modi has liberalised NRI investment laws, and according to that all investments by non-resident Indians are treated as domestic investments.
He said a five lakh sq ft Lulu Mall built with an investment of ₹300 crore in Hyderabad will be inaugurated in August, and an export-oriented modern integrated meat processing plant and state-of-the-art Destination Mall (2.2 million sq ft ) will also come up.
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