UAE-based LuLu Group will invest an additional $1.2 billion (Rs 100 billion) in India on various ongoing projects over the next three years, Group Chairman Yusuff Ali MA said.
He said his aim is to provide employment to 50,000 people in India, and so far his various enterprises have given over 22,000 jobs.
The hypermarket-to-hospitality conglomerate has already made an estimated over Rs 200 billion in various projects in the country.
Yusuff Ali also said the Lulu Group has committed about Rs 35 billion investments in the southern Indian state of Telangana in the next five years in various projects, including a Destination Shopping Mall, PTI reported.
“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,” he said.
“We have started the construction of shopping malls in Ahmedabad and in 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,” Yusuff Ali said.
He said a 500,000 sq ft Lulu Mall built with an investment of Rs 3 billion in Hyderabad will be inaugurated in August, while an export-oriented modern integrated meat processing plant and state-of-the-art Destination Mall (2.2 million sq ft) are in the pipeline.
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