BR Shetty Group and LuLu ink MoU with Telangana State
UAE-based major business groups -- BRS Ventures (A group company of BR Shetty Group) and LuLu Group have signed memorandum of understanding (MoU) separately with Telangana government.
Hyderabad: UAE-based major business groups -- BRS Ventures (A group company of BR Shetty Group) and LuLu Group have signed memorandum of understanding (MoU) separately with Telangana government. As part of the latest agreements, BR Shetty will invest Rs1,000crore over five years, while LuLu Group has earmarked Rs2,500 cr for its business plans in the State.
The agreement was signed during the UAE visit of KT Rama Rao, Telangana Industry & IT Minister, at LuLu group’s head office in Abu Dhabi on Sunday. Dr BR Shetty’s group, which is engaged in healthcare, hospitality, pharmaceuticals, food, financial services, retail, trading, advertising and IT in the United Arab Emirates (UAE).
It’ll set up a pharmaceutical manufacturing, R&D unit and a medical device manufacturing unit. BR Shetty group will make medical equipment including dialysis machines, medical aids, hospital furniture, etc, on approximately 20 acres land at Telangana Medical Devices Park, Sultanpur, Hyderabad. It’ll also set up Greenfield multi-specialty hospital with aggregate capacity of 500 beds. Higher education institutions--medical, engineering and Management—will also come up on 50 acres near Hyderabad, according to a release.
LuLu Group has signed three agreements with Telangana government for investing $400 million (AED 1.45 billion or Rs2,500 crores). It’ll also construct 1.8 million sft mega shopping mall, a food processing plant and a logistics & export processing unit for fruit and vegetables.
KTR along with IT Secretary Jayesh Ranjan led a high-level delegation to the UAE and visited LuLu group’s head office in Abu Dhabi. KTR said: “We have always wanted world-class facilities for our state, especially in the retail and food sector. Being a leader in these sectors, LuLu Group is our natural choice and we have extended our fullest support and look forward to working with them in many more projects in the future.”
Yusuffali MA, Chairman, LuLu Group, said: “As part of our expansion plans for India, we are excited to sign these MoUs today. Telangana being the newest state offers great potential for expansions and the kind of support and cooperation we have been receiving from the Telangana govt has been very encouraging. We will begin the work within three months as the State govt has already initiated the process to hand over the land to us.”
Saifee Rupawala, CEO of LuLu Group, Ashraf Ali MA, Executive Director, Saleem VI, COO, Ananth AV, Director (Oman &India), Salim MA Director and other officials were also present on the occasion.