UAE-based Lulu Group to invest ₹10,000 crore in India over 3 years

UAE-based Lulu Group is working on various Indian projects and will invest ₹10,000 crore in the country over the next three years. The UAE-based conglomerate has pumped up a total of ₹20,000 crore in India till now, Lulu Chairman Yusuff Ali MA said on Monday.

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The ongoing projects of the company in states like Telangana, Ahmedabad, Uttar Pradesh, etc will provide around 50,000 employment in India. He claimed that the company's different projects in India have provided around 22,000 jobs in India.

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One of the company's projects is near completion. The five lakh square feet Lulu Mall built with an investment of ₹300 crore will be inaugurated in August. He also said that soon the company will also complete its other project of constructing an export-oriented modern integrated meat processing plant and state-of-the-art Destination Mall (2.2 million sq ft ) in the country.

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Lulu Group to invest ₹3,500 crore in Telangana

Lulu Group will invest around ₹3,500 in Telangana in the coming five years as the company is working on different projects including a Destination Shopping Mall worth ₹3,000 crore, Yusuff Ali told ANI.

"We have got an investment of more than ₹20,000 crore in different areas including shopping malls, hotels, and food processing units (in India). We will increase this," he said.

Other Indian projects of the UAE-based firm in India

Throwing light upon different ongoing projects in India, Yusuff Ali said that his firm has started the construction of a shopping mall in Ahmedabad. Another one is coming up in Chennai. Moreover, the company is also working to build a food processing plant in Noida and another one in Telangana.

"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 is in Telangana. It is ₹10,000 crore investments in the next three years," Yusuff Ali said.

He stressed the liberalised NRI investment norms in India, after which all investments by non-resident Indians are treated as domestic investments.