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Yet another investment for India! Today the UAE-based Lulu Group announced that they are planning to invest Rs.10,000 crores in India over the next three years on various projects. As per the current statistics, the group has already invested Rs. 20,000 crores.
Lulu Group Chairman MA Yusuff Ali told PTI that his goal is to create 50,000 jobs in India, adding that so far, his numerous businesses have created over 22,000 jobs.
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He continued by saying that over the course of the next five years, his firm has committed to investing Rs 3,500 crore in Telangana, which includes Destination Shopping Malls of Rs 3,000 crore.
“In India, we have invested more than Rs 20,000 crore in a variety of projects, including hotels, food processing facilities, and retail malls. We'll enhance this,” he declared.
Work on building an Ahmedabad retail complex has begun. We will also be doing another one in Chennai. In Noida and Telangana, two food processing plants are now under construction. When questioned about the entire investments in the planned projects, Yusuff Ali stated that it will be a total investment of Rs 10,000 crore over the next three years.
Lulu Groups' chairman even said that all investments made by non-resident Indians are considered domestic investments as a result of Prime Minister Narendra Modi's liberalization of NRI investment restrictions.
He also said that a brand-new Lulu Mall, measuring five lakh square feet and being built with a total expenditure of Rs 300 crore, will open in Hyderabad in August of 2023. A sophisticated integrated meat processing factory focused on exports as well as a cutting-edge Destination Mall with a 2.2 million square foot footprint are also planned.
(This news piece is with respect to PTI)
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