Dubai's Lulu Group drops investment in Visakhapatnam after AP govt revoking the land allotments
Dubai-based leading conglomerate Lulu Luxury Group has signed a deal with Andhra Pradesh under the previous TDP government.
Dubai-based leading conglomerate Lulu Luxury Group has signed a deal with Andhra Pradesh under the previous TDP government. The company also earmarked land for the construction of an international convention centre, shopping mall and a five-star hotel in Visakhapatnam with an investment of Rs 2,200 crore. It has decided to employ 7,000 people. Recently, the land allotted to them has been cancelled by the Government of Andhra Pradesh headed by chief minister YS Jagan Mohan Reddy. This led to the company withdrawing its investment.
"Our company has decided not to invest in any project in Andhra Pradesh based on the current situation," Lulu Group India director Anantram said on Tuesday night. However, he asserted that investments in Telangana, Tamil Nadu, Kerala and Uttar Pradesh would continue to do so. Lulu's plans to build a world-class identity as a convention and shopping hub for the city of Visakhapatnam and have been planned to employ seven thousand youth at the cost of Rs 2,200 crore.
Anantaram explained that the Andhra Pradesh government had been involved in the most transparent bidding of the past and got land. He said he had spent vast amounts of time hiring international consultants and developing designs with leading architects. However, they said that they agree with the decision of the new government in Andhra Pradesh to abolish the allotted lands.
Lulu is known as a leading investor in Dubai for shipping, exports and imports. The government has allotted 13.83 acres of land in Visakhapatnam for the Lulu Company. The Jagan government has decided to abolish these lands.