Lulu Group to invest Rs 10,000 crore in India over 3 years to complete ongoing projects

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

He also 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.

Yusuff Ali also said Lulu Group has committed about Rs 3,500 crore in investments in Telangana in next five years in various projects including a Destination Shopping Malls (Rs 3,000 crore) here and also in or cities in 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 construction of a shopping mall in Ahmedab. And also ar one in Chennai we are coming up. A food processing plant is coming up in ida and ar one in Telangana. It is Rs 10,000 crore investments in next three years," Yusuff Ali said when asked about overall investments on upcoming projects.

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

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