National

Lulu group free to stay away from AP: Minister

Our Bureau Visakhapatnam | Updated on November 22, 2019 Published on November 22, 2019

The reported decision of the Gulf-based Lulu group not to invest any more in Andhra Pradesh will not have any bearing on the investment flow and the State can take it in its stride, according to Tourism Minister M. Srinivasa Rao.

He told here on Friday that YSR Congress Government had taken the decision to revoke the agreement signed by the previous Telugu Desam Government with the group for construction of a convention centre and five-star hotel on the beach road, as “it was a fundamentally flawed agreement and it was our duty to protect valuable public property on the beach road. It is not that we are unaware of the importance of having a first-rate conventional centre in the city. But for that reason we cannot allow a company or group to gain undue advantage.”

Further, he said, investments depend on a number of factors such as the geographical conditions, support from the state government, incentives and business potential, “and such decisions are not influenced by just one political leader”.

The minister said that it was a huge mistake on the part of the TDP Government to allocate prime land on the beach road at cheap rates to the Lulu group. "The Lulu group convention project on the beach road is not at all feasible. It would have created more traffic and parking problems in that area. The State Government's decision has been welcomed by the citizens of Vizag," he said.

“The YSRC government will definitely build a convention centre for sure in future, but not at this location (Beach road). Minister for Industries, Commerce and IT M Gowtham Reddy will decide about it,” he added.

Published on November 22, 2019

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