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Abu Dhabi co to invest 2,500 cr
Abu Dhabi-based Lulu Group, a leading retail chain in the Middle East, plans to invest Rs 2,500 crore in Telangana in next one year, the state government said.
Hyderabad: Abu Dhabi-based Lulu Group, a leading retail chain in the Middle East, plans to invest Rs 2,500 crore in Telangana in next one year, the state government said.
The Group's Chairman, Yusuff Ali M A, said this when a delegation of Telangana government, represented by IT Minister K T Rama Rao and Industries Commissioner Jayesh Ranjan, called on him. The Group wishes to invest in three projects in Telangana – a fruit and vegetable processing unit, an integrated meat processing unit and a modern shopping mall in Hyderabad.
A team from the Group will visit Hyderabad in first half of next month with detailed project reports and seek the government's assistance in identifying suitable land for the projects along with help in obtaining various approvals.
The Group has over 100 hypermarkets in the Middle East and has an annual turnover of over $5 billion, it said. Rama Rao, Special Chief Secretary for Industries, K Pradeep Chandra, and Ranjan, along with a delegation from FICCI, visited Smart City in Dubai on Sunday and interacted with its CEO Abdullatif AlMulla and MD Baju George.
