Lulu Group to invest Rs 10,000 Cr in India over 3 years

UAE-based Lulu Group will be investing Rs 10,000 crore in India on various ongoing projects over the next three years, said Lulu Chairman Yusuff Ali MA, adding the conglomerate has already invested over Rs 20,000 crore in the country.

He said his aim is to provide employment to 50,000 people in India, and so far, his various enterprises have given over 22,000 jobs.

Lulu Group said it has committed about Rs 3,500 crore in investments in Telangana in the next five years in various projects, including a Destination Shopping Mall (Rs 3,000 crore) and other cities in the state.

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

"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 in Telangana. It is Rs 10,000 crore investments in the next three years," Yusuff Ali said when asked about the overall investments on the upcoming projects.

He further said Prime Minister Narendra Modi has liberalised NRI investment laws, and according to that, all investments by non-resident Indians are treated as domestic investments.

He said a five lakh sq ft Lulu Mall built with an investment of Rs 300 crore will be inaugurated in August and an export-oriented modern integrated meat processing plant and state-of-the-art Destination Mall (2.2 million sq ft ) will also come up.