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LuLu Group, a renowned UAE-based company, has announced that it would procure aqua products worth ₹1,000 crore from Telangana.
Yusuffali MA Chairman and Managing Director of LuLu group, made this announcement after holding discussions with a Telangana government delegation led by its IT and Industries Minister KT Rama Rao during their visit to the UAE.
“The company has come forward to invest in the proposed Aqua Cluster in Sircilla district and expressed interest to procure aqua products worth ₹1,000 crore annually from the region,” KT Rama Rao said in a statement on Wednesday.
“The new investment is expected to create 500 new jobs in the State,” he said in a tweet.
Malabar group investments
Meanwhile, Malabar Group has announced that it will invest another ₹125 crore in the State, with a potential to generate 1,000 jobs.
“The senior management team of the group met with the Telangana delegation in Dubai. The group, which has already invested in the gold refinery sector in Telangana, has come forward to make its investments in other sectors as well,” the Minister said.
Also read: Will the City of Pearls overtake India’s Silicon Valley as the top global services destination?
M-FIT, a Malabar stable company that manufactures furniture, will set up a greenfield unit in Hyderabad with a total investment of ₹125 crore.
Malabar Gold will become the anchor investor in the dedicated furniture park being set by the State government in Dandumalkapur and will manufacture high-end custom-made furniture.
“The group will set up a skill development centre in Hyderabad to train artisans in jewelry making,” he said.
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