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Lulu group, an Abu Dhabi-based retail and hospitality major, has announced that it would invest ₹10,000 crore in India in the next three years to set up hypermarkets, destination shopping malls and food processing units.
“Each of the destination malls has a space of over 2 million square feet and would require an investment of ₹2,500 crore,” Lulu Group Chairman and Managing Director Yusuff Ali MA said.
Ali is in the city to announce the group’s plan to invest ₹3,500 crore in Telangana, including ₹2,500 crore on a destination mall. The group will also open hypermarkets, mini malls, food processing facilities and logistics facility in the State.
“We have shortlisted three land parcels in Hyderabad to set up the destination mall. We are going to finalise the location in the next three months. It would take 18-24 months to construct the mall and make it operational,” he said.
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Ali said the Centre’s relaxation of norms governing investments by NRIs is facilitating investment flows into the country.
The group would set up a 100 per cent export-oriented food processing unit in Telangana. The unit would focus on fruits, vegetables and millets and feed the group’s network of 250 hypermarkets across the world.
Meanwhile, the group is planning to inaugurate Lulu Mall in August, rebranding the Manjeera Mall after the acquisition. It will invest ₹300 crore on the five-lakh sq ft mall, which will house a two-lakh sq ft hypermarket, a five-screen cinema centre with an aggregate seating capacity of 1,400 seats and hotels. It would create 2,000 jobs, he said.
Ali announced the group’s plans at a meeting attended by Telangana IT and Industries Minister KT Rama Rao and top officials of the State government.
Telangana Municipal Administration Minister K.T. Rama Rao, Yusuffali M A(second left), and Chairman &MD for LuLu Group International, in connection with the Commencement of Operations of LuLu Group International in Telangana | Photo Credit: RAMAKRISHNA G
Rama Rao elaborated on the State’s achievements in augmenting irrigation facilities, paddy production, fisheries, dairy and food processing sectors, and oil palm.
Responding to the Minister’s appeal, Ali announced that the group would set up a ₹200-crore export-oriented meat processing plant in Hyderabad with a production capacity of 60 tonnes a day. The project, which will create 2,500 jobs, will be operational in the next 18 months.
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