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Lulu Group to invest Rs 10k crore in India for various ongoing projects
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Friday, 30 June, 2023, 13 : 00 PM [IST]
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Our Bureau, Mumbai
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UAE-based conglomerate Lulu Group plans to invest over Rs 10,000 crore in India on various ongoing projects over the next three years, which will overall generate employment opportunities for about 50,000 people.
The company has commenced the construction of a shopping mall in Ahmedabad and another will come up in Chennai. In addition, a food processing plant will be set up in Noida and Telangana.
The five lakh sq. ft. Lulu Mall, costing Rs 300 crore, will be inaugurated in August 2023. Moreover, the company will also establish an export-oriented modern integrated meat-processing plant and destination mall of 2.2 million sq. ft.
The group seeks to invest around Rs 3,500 crore in Telangana for various projects in the next five years, including destination shopping malls, which is estimated to cost nearly Rs 3,000 crore. Also, it intends to set up an agriculture sourcing and logistics hub near Hyderabad Airport for facilitating exports of local products manufactured in Telangana across India and the global market.
The group has agreed to the proposal from the Department of Municipal Administration and Urban Development to set up fish processing and meat processing plants in the State, and will also procure rice from Telangana and supply it to the hypermarkets.
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