To finish ongoing projects, Lulu Group will invest US$ 1.21 billion (Rs. 10,000 crore) in India over the course of three years
- IBEF
- June 27, 2023
According to Chairman, Lulu Group, Mr. Yusuff Ali, the UAE-based Lulu Group will be investing US$ 1.21 billion (Rs. 10,000 crore) in India on various ongoing projects over the next three years. The UAE-based conglomerate has invested over US$ 2.43 billion (Rs. 20,000 crore) in the country.
He added that the aim is to provide employment to 50,000 people in India and so far, his various enterprises have provided over 22,000 jobs.
Mr. Yusuff Ali mentioned that the Lulu Group has committed about US$ 426.7 million (Rs. 3,500 crore) in investments in Telangana in the next five years in various projects including a destination shopping mall worth US$ 365.7 million (Rs. 3,000 crore) here and in other cities in the state.
He further mentioned that the company has started the construction of a shopping mall in Ahmedabad and another one in Chennai. A food processing plant is coming up in Noida and in Telangana. The total investment in the next three years is estimated to be around US$ 1.21 billion (Rs. 10,000 crore).
He added that since Prime Minister Mr. Narendra Modi liberalised the laws governing Non-resident Indians (NRI) investments, all investments made by non-resident Indians are now considered domestic ones. He claimed that a five-lakh square foot Lulu Mall that cost US$ 36.6 million (Rs. 300 crore) to construct will open in August, along with a modern integrated meat processing factory that is export-focused and a 2.2 million square foot destination mall that is state-of-the-art.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.
Partners
